AC Milan have fallen out of the Top 20 of Deloitte's Football Money League for the second time in the past two decades. Milan were ranked 3rd in 2002/03 and sit at 21st in 2018/19. They fell out of the list in 2016/17 when they were at 22nd place. Milan have struggled with the loss of European revenue since the 2012/13 season when they last featured in the UEFA Champions League but managed to slightly rise up when the first qualified for the Europa League and the Elliot Fund took over. Milan have dropped significantly in their commercial revenues posting record losses as we reported a few months ago as we reported here and The club are struggling to sign on new sponsors as Gazidis had hoped and even signed a Head of Sponsorship as we reported here.
The club has also had to deal with an over-inflated wage bill resulting from the haphazard spending of Marco Fassone and Massimiliano Mirabelli in the summer of 2017 when the club spent in excess of 200 million euros on transfer fees and offered wages of about 30.8 million per year (of which 17.8 million were still on the books as of December 2019). Despite the poor financials, Milan's overall value rose by 8% in the past year as we reported here however fall significantly behind the growth rates of Juventus and Inter Milan over the same period.