Both Milan football giants have recently announced financial reports for the 2023/24 season, with both Inter and AC Milan posting positive results off the pitch.
After one of the club’s most recent successful periods on the pitch, winning two consecutive Serie A league titles and reaching a UEFA Champions League final, Inter have mirrored this success.
For the 2023/24 financial year, the club’s revenues were €473.2m, a new club record. Losses amounted to €35.7m, a welcoming decline of the €85.4m in losses from the 2022/23 year.
Inter’s hierarchy has attributed the growth of its sponsorship and retail revenues and the result of capital gains from player transfers, which has seen the club receive over €110m in club departures such as Andre Onana joining Manchester United for €50m.
Commercial revenue played a key role in driving overall income for the Azzurri, increasing by €25.5m to reach €79.9m for the financial year. Sponsorships with Nike and Paramount+ helped Inter grow in this department.
The club also hailed its recent partnership with gaming operator Betsson Sport as one of its official partners, which became the “biggest shirt sponsorship contract in the club’s history”.
Matchday revenue also significantly increased from last season. All season tickets sold out “extremely quick” according to Inter and the prior season saw the Serie A winners set a new average attendance record.
“Thanks to the commitment shown by all areas of the club and with the support of our majority shareholder, we continue to pursue our aim of creating a stable connection between sporting competitiveness at the highest level, which is our core business, and financial sustainability,” said Inter in a statement.
“Last season was marked by achieving a milestone that will go down in Inter history, the second star, which itself showed the inseparable nature of what happens on and off the pitch, with both areas contributing to the healthy development and growth of our sport.”
AC Milan also hit record revenues
Cross-city rivals AC Milan also enjoyed a second successful financial year after posting to its shareholders that the club reached profitability for a second consecutive year.
Milan recorded club record revenues of €457m whilst posting another club record in net profit, which stood at €4.1m. The revenue from the 2023/24 season grew 13% from the previous year.
Milan has consolidated its financial position over the past several years under the guidance of majority owners Red Bird Capital, who have a €100m net profit from player transfers over the last two transfer windows.
Whilst player wages rose by 8% from the previous year, Red Bird’s focus on growing the Milan brand, particularly in the US, has seen it bring in international stars such as Christian Pulisic to help grow its fanbase in the players’ respective countries.
Much like Inter, AC Milan’s main source of revenue came from its sponsorship portfolio. Sponsorship revenues increased by €9.7m to €90.5m during the 2023/24 season.
Commercial revenues and royalties also grew, reaching €52.9m, an increase of €6.4m. This was supported by the sale of premium seating at the San Siro stadium it launched last season, the ‘Club 1899 Front Row Experience’.
Last summer, AC Milan focused on “major long-term” strategic growth through its latest initiative ‘Milano Futuro’, a long-term project that intends to bring in additional investment to consolidate its financial position.
In January this year, Tania Moreno, Chief Marketing Officer at AC Milan, sat down with Insider Sport to reveal how Red Bird Capital has transformed the club, from sponsorship deals to marketing campaigns, and everything in between.
With Inter and AC Milan winning the last three Scudetto titles between them from 2022-2024, it may come as no surprise that both Milan giants are also winning off the pitch.