AC Milan reports a profit for the first time in nearly two decades with record revenue
Italian soccer club AC Milan has recorded a profit for the first time in nearly two decades
MILAN (AP) — Italian soccer club AC Milan has recorded a profit for the first time in nearly two decades.
Milan reported a profit of 6.1 million euros ($6.51 million) for the 2022-23 financial year at a shareholders meeting on Monday. That compared to losses of 66.5 million euros (then $66.7 million) last year, which had been reduced from the previous season.
It is the first time Milan has been in the black since 2006. The turnaround has been driven by club record revenue of 404.5 million euros ($431.4 million) — about 100 million more than last year.
“Combining sporting performance, global competitiveness and financial sustainability in soccer, when on a virtuous path, is possible: the financial statement that has just been approved is a testament to that,” Milan president Paolo Scaroni said. “This marks an important step in our club’s history with a return to net profit after 17 years.”
