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45°29′ N 9°07′ E

Milan

Tier 1Serie AMilano, Lombardia, ItalyOn the globe

Founded
16 December 1899
Ground
Stadio Giuseppe Meazza75,817 seats · opened 1926
Full name
Associazione Calcio Milan
Website
acmilan.com
Reserve side
Milan Futuro

Who owns Milan

Milan is controlled by RedBird Capital Partners, through ACM Bidco B.V (99.9%).

Owned by a multi-club groupOwner based abroad: United States

From the pitch to the top

The company that fields the team, then each holder above it.

Fields the first teamAssociazione Calcio Milan S.p.A.S.p.A. (joint-stock company), Italy, Codice fiscale 01073200154
  • 99.9%controls
    ACM Bidco B.V.B.V., NetherlandsSince 31 August 2022, figure as of March 2024RedBird's statement says 'RedBird Fund IV and its investors own 99.93%'. That ACM BidCo is the direct holder comes from Calcio e Finanza (2026). The remaining 0.07% belongs to legacy individual shareholders.Medium confidenceSources: Inside World Football, AC Milan
    • Stake not knowncontrols
      RedBird Capital PartnersInvestment firm, United StatesFigure as of January 2026Through RedBird Fund IV and co-investors; the fund-level split is not public.Calcio e Finanza calls ACM BidCo the Dutch vehicle used by Cardinale to control Milan. Minority co-investors in the vehicle, such as the Yankees' owners announced in 2022, are not quantified.High confidenceSources: AC Milan, Calcio e Finanza
Part of a multi-club groupRedBird Capital Partners4 clubs

Changes of control

  1. 31 August 2022

    ACM Bidco B.V. took control (99.9%).

    RedBird Capital Partners bought the club from Elliott; Elliott's vendor loan was refinanced in January 2026.

    • Valuation€1.20bnreported

    Medium confidenceSources: Inside World Football, AC Milan, Calcio e Finanza

Milan’s finances

From its published accounts and league records. Figures compare only with clubs at the tier it played that season.

Against its tier

Milan's revenue of €438.6m is the highest of the 19 Serie A clubs with published accounts

In 2024-25 it spent €0.43 on staff for every €1 of revenue; the typical Serie A club spent €0.69.

  • Milan
  • Other Serie A clubs
Revenue19 clubs
Staff per €1 of revenue19 clubs

Each club's newest recorded accounts since 2021–22, at the tier it played that season. If that year's revenue cannot be separated from player trading, the club is omitted rather than using an older year. Coverage counts comparable accounts, not every club with financial data. Revenue excludes player-sale income. Where that income is included in the published total, we subtract the statement's separately reported player-trading figure. Some statements group loan fees and other player income with sale gains; those are removed together. Otherwise loan fees remain included. These are comparisons across accounting formats, not identical revenue definitions. Milan: Value of production €494.5m − reported player trading €55.9m = €438.6m (calculated). Deduction: plusvalenze: gains on disposal of players' registrations; loan fees and other player income are separate lines, not recorded. The scales are logarithmic.

Revenue€494.5m2024-25
Staff costs€188.7m2024-25
Net result€2.99m2024-25
Equity
€199.4m
accounts, 2024-25
Public money
€1.45m
awarded, 2023, 1 records

The accounts

Associazione Calcio Milan S.p.A., the entity that fields the team · 2020-21 to 2024-25

2024-25Tier 1 · audited2023-24Tier 1 · audited2022-23Tier 1 · audited2021-22Tier 1 · audited2020-21Tier 1 · audited
Profit and loss
Value of production€494.5m€456.9m€404.5m€297.6m€261.1m
TV money€154.2m1€152.3m2€174.9m3€133.1m4€138.3m5
Matchday€69.5m6€69.3m7€72.8m8€32.5m9€010
Sponsorship€91.1m11€90.5m11€80.8m11€57.8m11€54.0m11
Commercial€61.2m12€52.9m12€46.5m12€25.1m12€11.2m12
Other revenue€21.6m13€26.6m13€11.4m13€31.0m13€20.1m13
Player sales€55.9m14€44.9m14€268k14€5.57m14€20.2m14
Staff costs€188.7m€188.5m€174.0m€170.3m€169.7m
Wage bill€172.3m15€173.5m15€162.0m15€159.6m15€160.3m15
Players' wages€151.1m16€152.9m16€143.4m16€143.4m16€136.4m16
Player amortisation€84.0m17€75.2m18€50.8m19€62.6m20€65.6m21
Total spending€478.5m22€443.7m22€389.6m22€352.6m22€347.4m22
Operating result€16.0m€13.2m€14.9m−€55.0m−€86.3m
Financial result−€7.03m−€798k−€3.01m−€4.60m−€3.26m
Result before tax€9.80m€12.3m€13.5m−€60.1m−€91.6m
Income tax€6.80m23€8.16m23€7.47m23€6.48m23€4.86m23
Net result€2.99m24€4.11m24€6.07m24−€66.5m24−€96.4m24
Balance sheet
Total assets€715.3m€651.5m€570.2m€502.9m€405.7m
Non-current assets€449.7m€443.4m€395.9m€346.2m€249.9m
Player registrations (book value)€200.9m25€186.6m25€178.1m25€127.6m25€160.0m25
Property and equipment€66.8m26€68.2m26€27.1m26€22.8m26€66.7m26
Current assets€259.4m27€201.5m28€167.2m29€151.6m30€152.5m31
Transfer fees receivable€136.8m32€78.4m32€12.9m32€30.7m32€58.8m32
Cash€28.0m€39.1m€81.8m€42.7m€23.6m
Equity€199.4m€196.3m€177.2m€131.2m€67.3m
Share capital€113.4m33€113.4m33€113.4m33€113.4m33€113.4m33
Liabilities€515.9m34€455.2m35€393.0m36€371.7m37€338.4m38
Provisions€52.0m39€66.3m40€72.6m41€72.5m42€18.7m43
Financial debt€136.1m44€98.8m44€71.0m45€71.1m46€125.2m47
Tax and social security debt€22.4m48€18.4m49€24.6m50€35.0m51€23.0m52
Transfer fees payable€139.0m53€107.9m53€71.8m53€50.5m53€59.5m53
Cash flow
Cash from operations€54.1m€50.3m€78.3m€47.2m€2.40m
Cash from investing−€102.6m−€135.8m−€79.1m€21.0m−€129.6m
Cash from financing€37.4m€42.8m€39.8m−€49.1m€139.5m
Net change in cash−€11.1m−€42.7m€39.1m€19.1m€12.3m
Money from owners
Owner contributions—€15.0m54€40.0m54€5.00m55€129.5m56
Transfers and people
Employees578.0357521.0958487594276041161
Notes on 61 figures, in the accounts’ own words
  1. TV money: proventi da cessione diritti audiovisivi, including €70,774k from the UEFA Champions League and the Supercoppa Italiana
  2. TV money: proventi da cessione diritti audiovisivi, including €54,143k from the UEFA Champions League and Europa League
  3. TV money: proventi da cessione diritti audiovisivi, including €87,882k of UEFA Champions League TV and radio money
  4. TV money: proventi da cessione diritti audiovisivi, including €44,272k of UEFA Champions League TV and radio money
  5. TV money: proventi da cessione diritti audiovisivi, including €16,404k of UEFA Europa League TV and radio money; the Serie A part (€121,857k) includes 2019-20 matches played in July and August 2020
  6. Matchday: ricavi delle vendite e delle prestazioni, printed total: ricavi da gare €41,113k, abbonamenti €22,118k, ricavi da altre competizioni €6,286k, which include friendlies
  7. Matchday: ricavi delle vendite e delle prestazioni, printed total: ricavi da gare €44,488k, abbonamenti €19,276k, ricavi da altre competizioni €5,585k
  8. Matchday: ricavi delle vendite e delle prestazioni, printed total: ricavi da gare €55,064k, abbonamenti €16,183k, ricavi da altre competizioni €1,587k
  9. Matchday: ricavi delle vendite e delle prestazioni, printed total: ricavi da gare €32,309k, abbonamenti €0k, ricavi da altre competizioni €235k
  10. Matchday: ricavi delle vendite e delle prestazioni: nil, as Serie A, Coppa Italia and Europa League matches were played behind closed doors
  11. Sponsorship: proventi da sponsorizzazioni
  12. Commercial: proventi commerciali e royalties (merchandising, licensing and other commercial income)
  13. Other revenue: ricavi e proventi diversi (sundry income) only; proventi vari, loan fees and other player income are not recorded separately
  14. Player sales: plusvalenze: gains on disposal of players' registrations; loan fees and other player income are separate lines, not recorded
  15. Wage bill: salari e stipendi
  16. Players' wages: salari e stipendi of tesserati (registered players and coaches), from the notes' staff-cost table
  17. Player amortisation: ammortamento of players' registrations, from the notes' schedule of intangible assets (Allegato 1); write-downs of €8,702k excluded
  18. Player amortisation: ammortamento of players' registrations, from the notes' schedule of intangible assets (Allegato 1); write-downs of €3,199k excluded
  19. Player amortisation: ammortamento of players' registrations, from the notes' schedule of intangible assets (Allegato 1); write-downs of €4,263k excluded
  20. Player amortisation: ammortamento of players' registrations, from the notes' schedule of intangible assets (Allegato 1); write-downs of €8,007k excluded
  21. Player amortisation: ammortamento of players' registrations, from the notes' schedule of intangible assets (Allegato 1); write-downs of €1,864k excluded
  22. Total spending: totale costi della produzione (B), including amortisation, write-downs and provisions
  23. Income tax: imposte sul reddito (current, deferred and prepaid)
  24. Net result: utile (perdita) del gruppo; there are no minority interests
  25. Player registrations (book value): diritti pluriennali alle prestazioni dei calciatori (B.I.7), net book value
  26. Property and equipment: immobilizzazioni materiali (B.II)
  27. Current assets: totale attivo circolante (C); ratei e risconti attivi (€6,281k) are outside both subtotals
  28. Current assets: totale attivo circolante (C); ratei e risconti attivi (€6,564k) are outside both subtotals
  29. Current assets: totale attivo circolante (C); ratei e risconti attivi (€7,131k) are outside both subtotals
  30. Current assets: totale attivo circolante (C); ratei e risconti attivi (€5,083k) are outside both subtotals
  31. Current assets: totale attivo circolante (C); ratei e risconti attivi (€3,295k) are outside both subtotals
  32. Transfer fees receivable: crediti verso enti - settore specifico (transfer receivables from clubs), within and beyond 12 months, total printed in the notes
  33. Share capital: capitale sociale: €113,443,200 (218,160,000 shares of €0.52), 113,443 in the balance sheet
  34. Liabilities: summed: fondi €52,017k + TFR €2,002k + debiti €391,293k + ratei e risconti €70,619k
  35. Liabilities: summed: fondi €66,263k + TFR €2,455k + debiti €324,058k + ratei e risconti €62,379k
  36. Liabilities: summed: fondi €72,605k + TFR €2,151k + debiti €250,732k + ratei e risconti €67,514k
  37. Liabilities: summed: fondi €72,533k + TFR €2,081k + debiti €244,480k + ratei e risconti €52,575k
  38. Liabilities: summed: fondi €18,667k + TFR €1,767k + debiti €285,561k + ratei e risconti €32,450k
  39. Provisions: fondi per rischi e oneri (TFR excluded), of which €37,457k for deferred taxes
  40. Provisions: fondi per rischi e oneri (TFR excluded), of which €39,340k for deferred taxes
  41. Provisions: fondi per rischi e oneri (TFR excluded), of which €46,125k for deferred taxes
  42. Provisions: fondi per rischi e oneri (TFR excluded), of which €48,550k for deferred taxes
  43. Provisions: fondi per rischi e oneri (TFR excluded)
  44. Financial debt: debiti verso altri finanziatori, the only financial debt (no bank debt): factoring advances on TV and sponsorship receivables and 'confirming' supplier-finance lines
  45. Financial debt: debiti verso altri finanziatori, the only financial debt (no bank debt; totale passività finanziarie in the notes): factoring advances on TV and sponsorship receivables and 'confirming' supplier-finance lines
  46. Financial debt: totale passività finanziarie in the notes: debiti verso banche €4,190k and debiti verso altri finanziatori €66,924k (factoring advances)
  47. Financial debt: totale passività finanziarie in the notes: debiti verso banche €41,375k and debiti verso altri finanziatori €83,843k (factoring advances)
  48. Tax and social security debt: summed: debiti tributari €20,909k + debiti verso istituti di previdenza €1,499k
  49. Tax and social security debt: summed: debiti tributari €17,057k + debiti verso istituti di previdenza €1,343k
  50. Tax and social security debt: summed: debiti tributari €22,741k + debiti verso istituti di previdenza €1,888k
  51. Tax and social security debt: summed: debiti tributari €28,581k + debiti verso istituti di previdenza €6,373k
  52. Tax and social security debt: summed: debiti tributari €19,200k + debiti verso istituti di previdenza €3,829k
  53. Transfer fees payable: debiti verso enti - settore specifico (transfer payables to clubs), within and beyond 12 months, total printed in the notes
  54. Owner contributions: aumento di capitale a pagamento in the cash-flow statement: a versamento in conto futuro aumento di capitale by the majority shareholder ACM Bidco B.V., booked in other reserves (share capital unchanged)
  55. Owner contributions: aumento di capitale a pagamento in the cash-flow statement: contributions (apporti di capitale) by the former majority shareholder Rossoneri Sport Investment Luxembourg S.à r.l., booked in other reserves (share capital unchanged)
  56. Owner contributions: aumento di capitale a pagamento in the cash-flow statement: contributions (apporti di capitale) by the majority shareholder Rossoneri Sport Investment Luxembourg S.à r.l., booked in other reserves (share capital unchanged)
  57. Employees: average headcount, all categories, of whom 115.42 players
  58. Employees: average headcount, all categories, of whom 84 players
  59. Employees: average headcount, all categories, of whom 83 players
  60. Employees: average headcount, all categories, of whom 54 players
  61. Employees: average headcount, all categories, of whom 59 players

2024-25: Source: A.C. Milan S.p.A.2023-24: Source: A.C. Milan S.p.A.2022-23: Source: A.C. Milan S.p.A.2021-22: Source: A.C. Milan S.p.A.2020-21: Source: A.C. Milan S.p.A.

League figures, wage bills, budgets and public money 1 records
Public money, season or yearTotalRecords
2023€1.45mawarded1
  • 2 April 2023€1.45mawarded from Presidenza del Consiglio dei Ministri – Dipartimento per lo Sport: Refund of COVID-19 health and sanitising costs to sports clubs ('contributo a rimborso delle spese sanitarie e di sanificazione', DPCM 3 ottobre 2022), list of clubs affiliated to FIGC; matched to the club's operator by tax code.. Source: Presidenza del Consiglio dei Ministri – Dipartimento per lo Sport

Where Milan has played

1ACM Bidco B.V.16-1718-1920-2122-2324-2526-27
Season by season
  1. 2026-271Serie A
  2. 2025-261Serie A
  3. 2024-251Serie A
  4. 2023-241Serie A
  5. 2022-231Serie A
  6. 2021-221Serie A, champions
  7. 2020-211Serie A
  8. 2019-201Serie A
  9. 2018-191Serie A
  10. 2017-181Serie A
  11. 2016-171Serie A
Sources12

Also on Wikidata (Q1543).

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