Yahoo Sports AC Milan’s 2023-24 accounts: The key numbers including records and declines
AC Milan have today confirmed their approved consolidated financial results for the fiscal year ending 30 June 2024 at the Shareholders’ Meeting, and there are plenty of positives.
The results had been approved by the Board of Directors last September, and the official website has published some of the key figures from the financial statements.
Profits and records
For the second consecutive year, Milan have recorded a net profit, with a consolidated positive result of €4.1m. This profit was fuelled by record revenues of €457m, marking a new all-time high for the club, surpassing the previous season’s record of €404.5m, a +13% increase.
These financial results have supported the continuous strengthening of the sporting project, with over €100m net invested in the last two transfer windows, net of player sales, and an additional net increase in multi-year player rights valued at €8.4m.
The Rossoneri’s investment in its squad is further reflected in the 8% increase in overall wages for all registered squad members compared to the 2022-23 season. This is something we analysed further in a feature about squad costs after the summer window.
The accelerated financial performance of the club is largely attributed to the combined growth of several revenue streams. Sponsorship revenues increased to €90.5m (+€9.7m compared to the previous fiscal year), driven by the signing of agreements with new counterparts for the current and future seasons.
Commercial revenues and royalties also saw an increase, reaching €52.9m (+€6.4m), supported by the sale of premium seating at the stadium.
Player trading activities also contributed significantly to this result, with revenues from player rights increasing by €45.9m compared to the previous season, primarily due to capital gains (Sandro Tonali’s sale above all) and higher loan fee income.
Vision moving forward and areas to improve
A significant contribution to value creation comes from RedBird’s partners and consultants, whose expertise and experience have played a crucial role in developing projects across retail, marketing, and innovation areas.
Milan’s vision and management model pay particular attention to future generations. For example, during the 2023-24 season, the club launched the Milan Futuro side, a major long-term strategic project to which significant investments have been allocated. These will be reflected in the upcoming financial statements closing next June.
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The statement also admits a decline in audiovisual and ticketing revenues, primarily impacted by the performance of the men’s first team in European competitions. It saw a decrease of approximately €40m compared to the previous season, given in 2022-23 there was a run to the Champions League semi-finals
The financial statement highlights a further consolidation of the club’s financial position as of 30 June 2024, with a positive consolidated net equity of €196m, up by approximately €20m compared to the previous year, and a net financial debt of approximately €50m.
During the 2023-24 season, the Club further enhanced its international development, with the opening of Casa Milan Dubai, tours and friendly matches in the United States, Australia, and Mexico, among many other global initiatives.
The value of the AC Milan brand also improved, as certified by various international studies, including BrandFinance’s analysis, which highlighted AC Milan’s position as the top-growing football brand worldwide in recent years.
