AC Milan posted an annual profit for the first time since 2006 on Monday when the Serie A giants announced they were in the black for the 2022/23 season at 6.1 million euros ($6.5 million).
The seven-time European champions reversed a 66.5 million-euro loss recorded in the previous 12-month period to turn a profit, bucking a trend of heavy losses among Italy’s top clubs.
The club added that the revenue surge was driven by a 44.4-million-euro increase from commercial and sponsorship activities, a 41.8-million-euro increase in media rights due to the Champions League semi-finals and a run of 40.3 million euros. Increase matchday revenue.
Milan’s accounts come in stark contrast to accounts recently posted by their biggest rivals Inter Milan and Juventus, who continue to lose money.
Juventus has not posted a net profit since 2016/17 and lost 124 million euros last season, with Italy’s most widely supported club asking shareholders for a 900 million euro capital increase over the past four years to plug the leaky accounts.
Despite reaching the Champions League final, Inter lost 85 million euros last term and Chinese owner Suning will have to repay a nearly 300 million-euro loan from investment fund Oaktree Capital, which it took over in May 2021.
The loan, plus a reported interest of 10 percent, must be repaid in full by May or Inter could be taken over by Oaktree in 2018, similarly from Chinese businessman Li Yonghong to fund Elliott Milan.
Milan’s 2022/23 accounts are the first to be posted under the control of Redbird, who acquired Milan from rival US group Elliott in August last year.