Italian football club AC Milan has announced a significant reduction in financial losses linked to the coronavirus pandemic. For the last financial year 2020/2021, it was 96.4 million euros, while in the previous season it reached 194 million euros.
Milan have been able to make up for their losses from empty matches as TV rights revenue and sponsorship revenue soar. The Rossoneri finished second in Serie A last year.
“The current crisis affects everything, but we are struggling. We still have a long way to go, but we are slowly turning it financially to the right side.” Milan president Paolo Scaroni announced. “The key words for the future are financial sustainability, innovative marketing practices, and popularity among fans on and off the field,” said Ivan Gazidis, CEO of AC Milan.
The two other Italian football champions showed much worse financial results. Inter Milan, the Italian Serie A champion, announced the largest loss in its history, amounting to 245.6 million euros, which is a negative record among all Serie A clubs, and Juventus Turin’s annual deficit exceeded 210 million euros.
The new stadium should be an important factor in the club’s future financial sustainability. AC Milan officials are also aware of this. Since 2019, there has been raucous talk in Milan about the end of Saint-Cyr in its old form, which is also shared by Milan’s greats – AC and Inter.
Representatives of both clubs met with the newly elected mayor of Milan Giuseppe Salo to set the rules for the construction of a new football stadium according to the highest European standards. Construction should begin by the end of next year and, according to optimistic forecasts, should be completed within three years.
“Sala agrees that Milan deserves a stadium of the highest caliber. We have been assured of the agreement of all parties. More details will be agreed, but we want to start construction as soon as possible.” Scaroni announced.
The current San Siro stadium, also known as the Giuseppe Miat Stadium, was built in 1925 with a capacity of 80,000 seats and is the largest football stadium in Italy. The new stadium in Milan should have two operators – AC and Inter, and both clubs should earn around 120 million euros annually. At least this is the estimate of the Italian media.
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