Featured image credit: Zach Rowlandson on Unsplash
MI Stadio, the company owned by AC Milan and Inter Milan to manage the Stadio Giuseppe Meazza, has reported record revenue for the venue, aided by a significant rise in the number of concerts staged.
According to figures reported by Calcio e Finanza, for the year ending June 30, 2024, MI Stadio pulled in revenues of €36.2m (£30.5m/$37.9m), up from the prior year’s €27.1m.
Around €10.9m of this sum is directly accountable to the presence of Milan and Inter as the stadium’s main tenants, with rent of €9.1m being paid. The Meazza, otherwise known as the San Siro, held 24 concerts in 2023-24, up from 14 in 2022-23. This saw income from this revenue stream nearly double, from €5.6m to €11.9m.
A rise in attendance for the Meazza’s museum and official stadium tours, from 181,219 to 268,524, saw revenue from this segment increase to €6.3m. The previous year’s figures also included record profit of €3.6m, but this has now dropped to €1.3m. However, this still represents the fifth consecutive year of profit for MI Stadio.
The news comes amid the ongoing saga surrounding the future of the Meazza, and the two clubs’ intentions with regards stadium projects.
In November, the City Council of Milan approved a motion which will see the Meazza made available for sale, with an agreement aimed for July at the latest. The Council has valued the stadium and its land at €197m. The plot in which the San Siro lies makes up €124m of that figure while the stadium itself comprises the remaining €73m.
Earlier in the month, the Municipality of Milan confirmed receipt of an expression of interest from Milan and Inter to acquire their current home and the surrounding land in order to build a new stadium.
In October, Milan and Inter announced record revenues for the 2023-24 financial year, as representatives from the rival Serie A clubs also provided an update on their stadium plans. The financial results were released after the Municipality earlier revealed that the two clubs were interested in building a new stadium next to San Siro.
Milan and Inter in September 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 September’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.
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