AC Milan returned to revenue for the primary time in 17 years within the 2022-23 season, helped by reaching the semifinals of the Champions League, the Italian Serie A membership stated on Monday.
Now owned by U.S. funding group RedBird Capital, Milan reported file annual revenues of 404.5 million euros ($429 million), a rise of 36% pushed by increased industrial and sponsorship gross sales, elevated revenue from TV rights and better matchday takings.
That allowed the membership to generate a web revenue of 6.1 million euros within the yr to the top of June — placing them again within the black for the primary time since 2006, which Chairman Paolo Scaroni hailed as an “important step.”
“Combining sporting performance, global competitiveness and financial sustainability in football, when on a virtuous path, is possible,” Scaroni added.
Milan misplaced to metropolis rival Inter within the Champions League semifinals in May.
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RedBird Capital, who took over AC Milan in 2022 in a 1.2 billion euro deal, invested an additional 40 million euros which is aimed toward serving to advance plans for a brand new stadium.
AC Milan and Inter at the moment share the well-known San Siro stadium however each are taking a look at options to a venue that was inbuilt 1926 and has been repeatedly renovated.
Italian Serie A soccer golf equipment on Monday agreed a 4.5 billion euro deal that can permit DAZN and Sky to retain the rights to display screen stay matches in Italy for the subsequent 5 seasons.
Source: sportstar.thehindu.com