Members celebrate the return to profits after 17 years: a clear improvement compared to the loss of 66.5 million the previous year. Apa’s small shareholders were absent
The Milan shareholders’ meeting approved the 2022-23 budget which, at a consolidated level, reported a profit of 6.1 million, a clear improvement compared to the loss of 66.5 million in 2021-22. It’s a return to profits after 17 years. Revenues reached 400 million, thanks to the full restoration of San Siro activity after the Covid restrictions, the Champions League semi-final and the new commercial contracts. The costs for the salaries of registered staff and for the amortization of the players’ “cards” fell, in one year, from 248.5 to 200 million. The club’s note highlights how “the cash generation from operating activities was positive for 78 million, demonstrating virtuous management of the company, while investment spending amounted to 79 million, demonstrating the strong will of the owners and the management to invest with a primary focus on strengthening the team, making it increasingly competitive and successful”.
the controversy
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Apa Milan, the association of small shareholders, did not participate in the meeting, which was held only electronically, and “after years of fruitless attempts, complains about the complete absence of dialogue between the company’s top management and the majority shareholders with the minority shareholders, members who were there in the past and will also be there in the future, and who are therefore the true heritage of AC Milan”. President Scaroni’s reply: “RedBird owns 99.97% of Milan. Among the small shareholders, some have joined together in Apa representing 0.02% for an investment of 23 thousand euros. Given this premise, Milan, as all the clubs in the world dialogue with the shareholders at the meetings. If we then enter the world of the fans, it is another matter. If it is a supporters’ association, then we can dialogue, within the limits of the FIGC rules. But the two cannot be mixed roles”.