26 October 2022


The Club consolidates its positive path with a positive EBITDA and a significant improvement of its Net Financial Position. Chairman Scaroni underlines the importance of RedBird for the future growth of the Club

The Shareholders' Meeting of AC Milan, held today, has approved the 2021/2022 Financial Statement, presented by the Board of Directors on 29 September 2022.

In contrast with the delicate international economic climate and in the context of the ongoing difficulties in the sector, AC Milan's 2021/2022 Financial Statement closed with the Club having consolidated the path of recovery and relaunch that has been pursued in recent years. A positive EBITDA was recorded (€29.3 million), as was an improvement in the Club's Net Financial Position as of 30 June 2022, with a net debt of €28.4 million (vs €101.6 million recorded in the previous financial year). Additionally, there was a further reduction in losses (€30 million, improvement of over 30% compared with the previous financial year). An overall positive result, mainly due to the effect of sports performance, an increase in the Club's revenues and a disciplined approach to cost management. 

AC Milan Chairman Paolo Scaroni commented: "The 19th Scudetto triumph and the growing value of the AC Milan brand provide further confirmation of the growth path that the Club has undertaken both on and off the pitch."

"The results presented today highlight a steady turnaround, which has taken place despite the crisis within the sector and the state of the economy in general. We must continue with the same determination, with the commitment of our players and all the Club's collaborators," Scaroni continued.

"I am convinced that, thanks to Gerry Cardinale's strategic vision and RedBird's experience and expertise in sports and finance, we will be able to further strengthen the AC Milan of the future – a sustainable and winning Club – as we look to continue to excite and engage all of the Rossoneri fans throughout the world," Scaroni concluded.

The 2021/22 season saw revenues increase by 14%, reaching €297.7 million as opposed to €261.1 million from the previous financial year. This is the result of increased matchday revenue (+€32.5 million) and higher income from commercial activities, royalties and sponsorship agreements (+€17.6 million), as well as other revenue (+€10.9 million), including the sale of the "Casa Milan" property.

These increases were partly limited by a number of factors, starting with the impact – direct and indirect – of restrictive measures issued by the Authorities due to the ongoing health emergency, which affected some sources of income such as those related to matchdays. In addition, lower capital gains from the sale of players' rights (-€14.6 million) and lower income from the sale of TV rights (-€5.2 million) – the latter is the result of fewer matches played in 2021/22 compared to the previous season. Some matches of the 2019/20 season were in fact postponed because of the health emergency going on at the time and were played in the 2020/21 season.

Finally, the Club took the opportunity to benefit from the accounting revaluation of the "Milan" brand under Decree-Law No. 104 dated 14 August 2020, converted into Law No. 126 dated 13 October 2020. Aimed at determining the real value of the brand and thus providing a true and fair representation of a corporate asset, the brand revaluation procedure was performed after a legal opinion from PwC TLS Avvocati e Commercialisti had been sought and as a result of the appraisal conducted by independent advisor Wepartners SpA. The revaluation of the value of the brand, which was carried out for civil law purposes only (thus without any tax-related implications) in compliance with the principles of prudence, reasonableness and demonstrability, was recorded under intangible assets in the Club's financial statements.

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