The shareholders celebrate the return to profits after 17 years: a significant improvement compared to the loss of 66.5 million in the previous year. Small Apa shareholders were absent.
The Milan shareholders’ assembly approved the 2022-23 financial statement, which, on a consolidated level, reported a profit of 6.1 million, a significant improvement compared to the €66.5 million loss in 2021-22 season.
This marks a return to profits after 17 years. Revenues reached €400 million, thanks to the full restoration of San Siro’s operations after COVID restrictions, the Champions League semi-final, and new commercial contracts.
Costs for player salaries and player transfer fees decreased from €248.5 million to €200 million within a year. The club’s statement highlights how “cash generation from operating activities was positive by 78 million, demonstrating sound management of the company, while investment expenses amounted to 79 million, underlining the ownership and management’s strong commitment to investing primarily in strengthening the team, making it more competitive and successful.”
THE CONTROVERSY
The meeting, which was held exclusively online, was not attended by Apa Milan, the association of small shareholders, which “after years of fruitless attempts, laments the complete lack of dialogue between the company’s leadership and majority shareholders with minority shareholders, who were there in the past and will be in the future, and are, therefore, the true heritage of AC Milan.”
President Scaroni’s response: “RedBird owns 99.97% of Milan. Among the small shareholders, some have joined Apa, representing 0.02% with an investment of 23,000 euros. With this premise, Milan, like all companies worldwide, engages with shareholders at meetings. If we’re talking about fans, it’s a different story. If it’s a supporters’ association, we can engage in dialogue within FIGC regulations. But the two roles cannot be mixed.”
