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AC Milan Shareholder’s Meeting Approves 2021/22 Financial Statement

A massive improvement for the club coming from winning the title but still some way to go given the stadiums were not fully open.

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AC Milan

AC Milan announced on their website this week that the Shareholders’ Meeting of AC Milan 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.

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.

Key Takeaways:

  • Net debt down to 28.4 million euros from 101.6 million euros
  • Reduction of losses by 30% or 30 million euros
  • Revenues up by 14% to 297.7 million euros from 261.1 million euros