Serie A club, AC Mian has announced its financial results for the year ending on June 30 2021, the club reported a loss of €96.4m ($111m). Thus having out its previous year’s deficit of €194.6m in the year 2019-20.
This improved financial situation is despite the impact of the Covid-19 pandemic which was felt for most of the last season with the majority of the matches being played behind closed doors. The club credits this to the on-field performances. The Rossoneri’s played in the Europa League and also managed to finish 2nd in Serie A just behind their rivals Inter Milan.
The club also reported a €75m increase due to broadcast and media sponsorships, Milan previously in the 2019 season was handed a one-year ban by the UEFA after breaching the Financial Fair Play, which saw them receive no media revenue. The Milan club also had an additional €17m in sponsorships sales and advertising revenues in the previous year.
AC Milan President Paolo Scaroni said, “It is not an easy path and there is still a long way to go – due in no small part to the current crisis that continues to affect the entire sector, but we are turning it around. It is a positive outcome, which is the result of a combination of factors, the vision and expertise of the management team, the solidity and support of the ownership and the positive trajectory on the pitch with the first team that continues to delight and entertain.”
The 2021-22 season could turn out more fruitful for AC Milan as the fans return to the stadium and the club makes its return to the lucrative European club competition, the Champions League. This will be their first appearance in the Champions League after the 2013-14 season. Despite their return to the European club competition, they are at the bottom of the group losing all of the three matches. But they will benefit monetarily from the increased media rights and payments for qualifying for the competition.
Despite the poor form in the Champions League, AC Milan has performed well in the domestic league. The Milan club currently sits top of the table with 28 points and winning nine games out of 10 played so far.