Design & Development

Inter, AC Milan post record revenues as clubs offer stadium update

Featured image credit: D7ckon/CC BY-SA 4.0/Edited for size

AC Milan and Inter Milan have announced record revenues for the 2023-24 financial year, as representatives from the rival Serie A clubs also provided an update on their ongoing stadium plans.

AC Milan’s revenue for the year grew to €457m (£380m/$493m), a new record and a 13% increase on the €404.5m posted in 2022-23. The club has also posted a profit of €4.1m, its second consecutive year in the black, but slightly down on the €6.1m profit posted last year.

Sponsorship revenue grew to €90.5m, while commercial revenue and royalties generated €52.9m, which AC Milan said was driven by the sale of premium seats at San Siro.

AC Milan said its strong financial figures were achieved despite a reduction in revenue from audiovisual rights and ticketing revenue, as the club did not progress as far in the UEFA Champions League compared to the previous season.

Meanwhile, Inter has posted a loss of €36m for the 2023-24 financial year but posted record turnover of €473m. Total revenues increased by €48m year-on-year.

The loss figure is significantly lower than the €85m deficit posted in 2022-23. Inter said strong on-field performances led to an increase in commercial turnover, which contributed to the record overall figure.

US investment fund Oaktree Capital Management secured control of Inter in May after the club’s holding company failed to repay a loan of around €395m. Inter has confirmed that in the first quarter of the 2024-25 financial year, Oaktree has completed a recapitalisation operation totalling €47m.

The club’s equity reserves have been increased by €44m through direct cash injections, with a further €3m from the conversion of the final portion of shareholder loans.

The financial results have been released after the Municipality of Milan last week revealed that the two clubs were interested in building a new stadium next to San Siro.

A meeting was held between Mayor of Milan Giuseppe Sala and delegations from Oaktree Capital and Redbird Capital Partners, the respective owners of Inter and AC Milan. The city said the main purpose of the meeting was to discuss the building of a “new stadium” at San Siro and developing the surrounding areas.

The development came after Inter and AC Milan last month rejected a proposal backed by the Municipality to redevelop San Siro, with the two clubs returning to the idea of a new stadium located close to the venue.

Up until last month’s announcement, the clubs had effectively abandoned their original stadium plans and hopes of staying in the San Siro neighbourhood in favour of pursuing separate projects. Milan had targeted the San Donato Milanese neighbourhood, while Inter had set its sights on the Rozzano suburb of the city.

Speaking following the release of the club’s financial results yesterday (Monday), AC Milan chairman Paolo Scaroni said that the San Donato project remains “at the centre” of the club’s strategy.

Scaroni added that he will maintain a “certain level of concern” over any plans to build a new stadium at San Siro due to previous failed attempts to get a project up and running.

Meanwhile, Inter’s corporate chief executive Alessandro Antonello has stated that the club is working simultaneously on plans for a new stadium in the San Siro area and a new facility in Rozzano.

Antonello said that Inter and AC Milan are currently waiting to receive feedback from the Revenue Agency’s report before determining the next steps for the San Siro project. He added that the Rozzano option remains active, with the club holding an exclusive contract with the company that owns the land until January 2025.