AC Milan have returned to a loss after three profitable years under RedBird, closing the 2025-26 financial year €24 million in the red. The result reflects the cost of a season without European football, yet the club’s accounts also point to growing commercial and matchday strength as Milan prepare for a larger stadium-led project with Inter.
A loss shaped by the absence of Europe
The board of directors, chaired by Paolo Scaroni, approved the first negative set of accounts of Gerry Cardinale’s ownership period. Milan recorded a €24 million loss for the year ending 30 June 2026, after three consecutive profitable financial years.
Missing UEFA competition was the central factor. Milan estimate that their absence from Europe reduced income by between €70 million and €80 million, a sizeable gap in a campaign where continental football usually helps define both revenue and sporting momentum.
- Loss for the 2025-26 financial year: €24 million.
- Net equity at 30 June 2026: €176 million.
- Total revenue, including player trading: €464 million.
- Year-on-year decline from 2024-25: 6%.
The club’s €176 million net equity was considered sufficient to absorb the loss, leaving Milan with a solid capital base despite the setback.
Commercial growth offers Milan encouragement
While European income fell away, Milan continued to build revenue streams less dependent on UEFA participation. Sponsorship income passed €100 million for the first time in the club’s history, providing the clearest positive note in the accounts.
Stadium takings also rose, supported by Serie A’s highest average attendance. More than 72,000 spectators attended Milan home matches on average, underlining the continued pull of San Siro on Sunday afternoons and beyond.
- Sponsorship revenue exceeded €100 million for the first time.
- Matchday income increased during the year.
- Milan posted the league’s highest average crowd, above 72,000.
- Overall turnover held close to its previous level despite the loss of European fixtures.
Borrowing rises as RedBird pursues longer-term plans
Net financial debt increased from €92 million on 30 June 2025 to €145 million a year later. Milan linked the rise to greater use of credit facilities, used to support investment, expansion and the club’s strategic projects.
The club said the financial foundations established over recent seasons allow it to push ahead with its growth plans through RedBird’s owner-operator model, which combines long-term funding with operational expertise.
During the financial year, Massimo Calvelli was appointed Milan’s chief executive officer while retaining his position as an operating partner at RedBird.
The stadium project remains central to the next chapter
Milan also highlighted the progress made on the planned new stadium. Alongside Inter, the Rossoneri acquired the Meazza stadium and the surrounding areas, advancing a project regarded as decisive to the clubs’ future economic capacity.
Milan believe a new ground can strengthen the club’s finances and give it greater room to invest in growth and sporting competitiveness. The latest accounts therefore show both sides of the present moment: a European-free season has produced a loss, but commercial growth and the stadium plan remain central to the board’s longer view.
