today 10:23
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The Italian football club AC Milan reports a significant reduction in financial losses in connection with the coronavirus pandemic. For the past financial year 2020/2021 it was 96.4 million euros, while in the previous season up to 194 million euros.
Milan was able to offset its losses from fanless matches with rising TV rights revenue and sponsorship revenue. The “Rossoneri” finished in second place last year’s Serie A.
“The current crisis is affecting everything, but we are fighting. We still have a long way to go, but we are slowly turning it financially to the right side.” declared the President of AC Milan Paolo Scaroni. “The key words for the future are financial sustainability, innovative marketing practices and popularity with fans on and off the court,” said AC Milan CEO Ivan Gazidis.
The other two Italian football champions showed much worse financial results. The reigning Serie A champion Inter Milan announced the highest loss in history of 245.6 million euros, which is also a negative record among all Serie A clubs. Juventus Turin’s annual deficit also exceeded 210 million euros.
The new stadium should be an important factor in the financial sustainability of the club in the future. AC Milan officials are also aware of this. Since 2019, there has been loud talk in Milan about the end of San Sir in its old form, which is also shared by both 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 stand with top 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 the city of Milan deserves a top-level stadium. We have been reassured that all parties agree. A few more details are to be agreed, but we want to start building as soon as possible.” Scaroni declared.
The current San Siro, also known as the Giuseppe Meazz Stadium, was built in 1925 and with a capacity of 80,000 seats is the largest football stage in Italy. The new stadium in Milan should again have two operators – AC and Inter, and it should earn both clubs about 120 million euros a year. At least that is the estimate of the Italian media.
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