On the day of the deed for the purchase of San Siro, Milan closed its third consecutive profit in the RedBird era. The sales cover the lost Champions League revenues this season and the project remains solid
Milan’s accounts add up, at least in terms of the budget. As for the pitch, we will see and the task has been entrusted to Max Allegri and a team that will have to bring the club back into the Champions League ranks while respecting both the history of the club and its sustainability. The numbers came back last season, disappointing to the point of failure in terms of sporting results, and they will also have to return in some way next June 30th when the financial year will end without the super revenues from the Champions League. For this reason, in the summer, an impressive outgoing market was launched which produced capital gains that should be sufficient to cover the lost European revenues.
The one closed on June 30, however, was the third consecutive profitable financial year of the RedBird era after those of 2023 (6 million euros) and 2024 (4.1): this time the net amounted to 3 million euros making the most of it absolute record of revenues in the history of the Rossoneri club at 495 million euros (+10% compared to 2024). The main driver was precisely the revenues from the new formula of the super Champions League, the one that will be missing this year, added to the capital gains from the sales of the defender Kalulu to Juventus and, above all, of the Dutch Reijnders to Manchester City worth 42 million out of the 55 total: contracts signed before the beginning of July and, therefore, falling within the previous financial year unlike the subsequent sales that will feed this season’s budget.
Milan, turnover grows rapidly net of player trading
A choice by RedBird, not an obligation given that the management characterized by balance and prudence in the past has allowed us to lay the foundations to be able to face the rough sea of a year without the Champions League; the net worth of 199 million euros is the best of the guarantees the solidity of the project. Fans may turn up their noses at the “budget shield”, as it was sarcastically represented during the months of protest, but in the new paradigms of the football industry there is increasingly less space for the infusion of capital without prospects of return. Like it or not, Milan is in the footsteps of the majority of the big European clubs.
The good news for Milan is that player trading (transfer market) has been a fundamental item in recent months but not the most important in terms of dynamics. The club is growing in the solidity of its turnover and you just need to line up the numbers to realize this: if in 2019-2020 pre-Covid the revenues, net of player trading, stopped at 164 million, by 30 June 2025 they had reached 411 with important contributions from TV rights (152), stadium (70), sponsorships (91) and commercial revenues reaching 62. This dynamic has also allowed Cardinale to reinvest in the operations to make the squad stronger all the money collected from the sports area. As? The field will tell. In Fonseca and Conceicao’s season the rejection was heavy, the start of the Allegri era gives hope for a better outcome.
Having purchased San Siro, what to do with the San Donato Milanese area?
The forecast for the budget as at 30 June 2026 is at a loss, unless sporting results or redemptions of players loaned out intervene to generate extra revenues that are not expected for now. Nothing to worry about, though. And the progress made on the new San Siro project opens up prospects for long-term stability and growth. In this regard, the idea of building the main plant on the area of San Donato Milanese reflections are underway. The report writes that the hypothesis is “the creation of a sports arena, smaller in size than the original stadium (around 18,000 seats compared to the over 70,000 foreseen by the stadium), which, thanks to sporting and other events, can satisfactorily remunerate the investments made”. Could it be the arena of the future franchise registered in the European NBA that is about to be born?
The words of the president of Milan, Paolo Scaroni
Thus the president of Milan, Paolo Scaroniregarding the investigation opened by the Milan Prosecutor’s Office into the hypothesis of bid rigging in relation to the sale dossier of San Siro to Milan and Inter: “It seems astronomically far from a judicial storm, it’s a breeze. Faced with a citizen who complains because the tender procedure was not to his satisfaction, the Prosecutor’s Office carries out investigations to understand. That’s all. I’m worried instead because the process of having a stadium built and functioning will be long. There will be many ups and downs but I’m confident.”
And on the deed: “Today we laid the first stone, but the process to get to the complete stadium will be long. We will have many obstacles, we will have many climbs to make. We are all convinced, even the Milanese: it is an operation that must be done for our city. Those who oppose it will find less support than they would have found 4-5 years ago”. On construction times and the inevitable inconveniences: “I expect the capacity of the Meazza to continue as it does today. We will try to build the new stadium causing as little damage as possible to the city, to the neighbors and to ourselves. It will be a coexistence that will last a couple of years, a coexistence that we will try to make compatible with all the needs we will have”.
