AC Milan improving off the field as well as on it
Oct 26, 2022, 5:38 AM | Updated: 5:51 am
MILAN (AP) — AC Milan continues to improve off the field as it flourishes on it.
Milan, which was recently taken over by RedBird Capital Partners, reported a loss of 66.5 million euros ($66.7 million) for the 2021-22 financial year at a shareholders meeting on Wednesday. That compared to losses of 96.4 million euros (then $111.8 million) last year, which in turn had been halved from the previous season.
The shareholders meeting came the day after Milan won 4-0 at Dinamo Zagreb to leave the Serie A champion on the cusp of returning to the knockout stage of the Champions League for the first time in nine years.
“The 19th ‘scudetto’ triumph and the growing value of the AC Milan brand provide further confirmation of the growth path that the club has undertaken both on and off the pitch,” Milan president Paolo Scaroni said.
“The results presented today highlight a steady turnaround, which has taken place despite the crisis within the sector and the state of the economy in general … I am convinced that, thanks to RedBird’s experience and expertise in sports and finance, we will be able to further strengthen the AC Milan of the future — a sustainable and winning club.”
Milan’s revenues were up by 14% to 297.7 million euros ($298.6 million).
City rival Inter Milan reported losses of 140 million euros ($135 million) last month. The two clubs share a city-owned stadium – the iconic Stadio Giuseppe Meazza, commonly known as San Siro – and are working together to build a new one.
“If the stadium will be in the San Siro area, then obviously we’ll do it with Inter,” Scaroni said. “I don’t think (Inter’s financial situation) will cause difficulties for them on the stadium front.
“Nevertheless we’re also working on other hypotheses, apart from San Siro. In that case, we could decide to do it together with Inter or also on our own.”
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