After three profits in a row, the Rossoneri club will face a red balance. But the savings policy has reduced the economic hole
Once upon a time there were Berlusconi and Moratti, who spared no expense to assert their supremacy. Now patrons have been replaced by funds and Milan’s most awaited football challenge has turned into the sustainability derby. Milan, it must be said, got there first, because before Inter they ended up under the wing of an investment company. If Elliott had completed the turnaround, since 2022 RedBird has completed the recovery, consolidated the virtuous trajectory and pushed the accelerator on growth. Result? Three consecutive profits after 17 years of losses, between 2022-23 and 2024-25, with the sporting highlights of the Champions League semi-final and the victory of the Italian Super Cup.
impact
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The team did not qualify for the European cups this season and, at the moment, accounting forecasts indicate a loss that we can estimate at around 30 million. Beyond the fact that the possible redemptions of players loaned out (Chukwueze, Colombo and Terracciano) would allow the red to be reduced, the 2025-26 income statement, read against the light, is further confirmation of the sustainability now achieved. Paradoxical? Not at all. For a big club, the absence of UEFA awards is very heavy: just think that Juventus, in the annus horribilis 2023-24, reported a deficit of 199 million. Milan can absorb the hole in a much less dramatic way, because it has been able to build a virtuous model over time, which is based on the medium-long term vision of RedBird (the vendor loan having expired in the meantime). The management led by president Scaroni and CEO Furlani has capitalized on the experience and know-how of the owners to develop the business lines, trying to combine competitiveness and budgetary discipline, with an eye to the future, as demonstrated by the project of the new stadium in tandem with Inter. In 2025-26, revenues are inevitably down compared to the 411 million (net of player trading) last season. 71 million in Champions League and Super Cup prizes and another 12 million in ticket revenue are missing. The positive note is the consolidation of the commercial area. Income from player trading is increasing: at the moment the increase is around twenty million, over 100, thanks to the capital gains of Theo Hernandez, Thiaw, Pobega, Okafor and Jimenez.
savings
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On the market, the Rossoneri managers continued to adopt a policy of functional investments, with around 160 million in acquisitions compared to around a hundred generated by sales. This translated, on the income statement, into a further increase in the amortization of the “tags” (around 15 million more) and, at the same time, into a reduction in salaries of around ten million. Playing only in the league, the squad was significantly reduced in terms of numbers and several significant salaries were cut. Taking into account the elimination of the devaluation of the San Donato project and the reduction of some operating expenses, the total costs for 2025-26 should contract by around 20 million. Lower income outweighs savings. Consequently, the operating result should go from last year’s profit of 3 million to a loss currently estimated at around 30 million. The substantial net worth (199 million as of 30 June 2025) and the low level of net financial debt (93 million) allow Milan to easily absorb the loss and, by drawing on unused loan lines, to cover the cash needs without resorting to the shareholder’s equity. RedBird, meanwhile, is engaged in a global challenge: it is alongside Paramount in the mega-acquisition operation of Warner Bros. Discovery, reaffirming its commitment to the supply chain that embraces sports, media and entertainment.
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