2023-10-24 03:43:25
Italian football club Milan achieved profits for the first time in 17 years in the 2022-2023 season when it reached the semi-finals of the Champions League competition.
The Lombard club explained in a statement that during the 2022-2023 fiscal year ending on June 30, 2023, Milan achieved profits of 6.1 million euros, an increase of 72.6 million euros over one year (losses of 66.5 million euros in the 2021-2022 season).
He added that this profit was made possible thanks to the strong increase in sales volume, which recorded a 36 percent jump compared to the 2021-2022 season, reaching 404.5 million euros, which is “a record in the club’s history.”
This progress is partly explained by sporting results: by reaching the semi-finals of the Champions League competition, where they lost to arch-rivals Inter, and ending the season in fourth place in the domestic league, Milan recorded an increase in its commercial and sponsorship revenues (44.4 million euros), television rights. (41.8 million euros) and tickets (40.3 million euros).
He added that among the reasons for this profit is Milan’s reduction in its spending on salaries and transfer fees, with a decrease of 50.5 million euros over the course of one year, “which will continue in the current season with the results of the transfer period that recently ended.”
On the other hand, the statement explained that the club’s owner, the American investment fund Redbird Capital Partners, invested 40 million euros in the new stadium project.
Milan and Inter want to leave the ancient, legendary San Siro Stadium, which is the stadium they share, and each of them is working on a project to build a stadium that can accommodate 60 to 70 thousand spectators by 2027 or 2028.
Paolo Scaroni, president of the club, which was owned by the late former Italian Prime Minister Silvio Berlusconi from 1986 to 2017, said that these financial results “represent an important step in the history of our club, which is heading towards a new important chapter in its development.”
Milan, which faces Paris Saint-Germain on Tuesday at the Parc des Princes Stadium in the third round of the group stage of the Champions League, occupies second place in the Italian championship, one point behind its neighbor Inter, the leaders.
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