Milan face €25m loss after Champions League disappointment and compensation payouts

Milan face €25m loss after Champions League disappointment and compensation payouts Milan are projected to post a loss of around €25 million for the 2025/26 financial year, according to estimates from Calcio e Finanza, a sharp downturn on the €2.9m profit recorded the previous year. The reports claim, via CalcioMercato , that the accounts, which closed on 30 June and will be formally approved by shareholders in the autumn, bring an end to three consecutive years in the black. The primary cause is sporting: a second successive season without Champions League football. Revenues fell from almost €500m to around €433m, with the steepest drop in broadcast income, down 42%, compounded by a 17.6% fall in matchday revenue, both direct consequences of the missing European nights. Commercial income rose slightly, by 5.9%, helped by a new agreement with main sponsor Emirates. MILAN, ITALY – MAY 20: A detailed view of the AC Milan corner flag on the inside of the stadium prior to the Serie A match between AC MIlan and UC Sampdoria at Stadio Giuseppe Meazza on May 20, 2023 in Milan, Italy. (Photo by Marco Luzzani/Getty Images) Player trading and severance costs shape Milan’s bottom line Cushioning the blow was player trading, which reached around €100m, roughly a quarter of the club’s total revenues, up from €83.2m the year before. The sales of Theo Hernández and Malick Thiaw were booked in this year’s figures, with Tijjani Reijnders’ earlier departure having counted in the previous accounts, and it is a level of trading Milan will likely need to sustain again in another campaign outside the Champions League. Adding to the outlay, Milan have had to set aside roughly €13m to cover the forced exits of former chief executive Giorgio Furlani and former sporting director Igli Tare . No such provision was required for Massimiliano Allegri, who agreed terms to terminate his contract before joining Napoli. Crucially, the loss is described as sustainable. With positive net equity of €199m, the deficit will be fully absorbed, and brighter news lies ahead: the purchase of the San Siro stadium and surrounding land removes an annual rent liability of around €5m, and owning the ground should lift matchday revenues in future accounts.