AC Milan has spent over €515 million on player acquisitions in the last four transfer windows, yet the investment has failed to translate into consistent success on the pitch, according to a report published by Italian media outlet Milano. The club’s financial figures reveal a significant outlay, coupled with a period of underperformance that has prompted a major restructuring of the sporting area.
RedBird Capital completed its fourth year of ownership this month, with the club reporting a 66% increase in revenue and three consecutive years of profit. However, Milan finished fourth, second, eighth, and fifth in Serie A since winning the Scudetto under previous ownership in 2022. This inconsistent form culminated in failing to qualify for the Champions League for the second consecutive season, triggering the dismissal of CEO Furlani, sporting director Tare, coach Allegri, and technical director Moncada. The club anticipates approximately €22 million in costs related to severance packages.
The financial impact of missing out on Champions League qualification is substantial, estimated at between €60-90 million annually due to lost UEFA prize money, gate receipts, and commercial variables. Participation in the Europa League is projected to mitigate some of the loss, around €50 million, but still represents a significant downturn. This situation complicates Gerry Cardinale’s industrial plan for the club, which aimed for sustainable growth without relying on further investment from RedBird.
When RedBird acquired Milan in 2022 for a reported €1.2 billion, the strategy focused on increasing commercial revenue, controlling costs, and utilizing player trading to maintain financial stability. RedBird contributed €55 million towards the new stadium project, but the club’s recent profitability has largely been driven by player sales, including Sandro Tonali (€44 million profit in 2023-24) and Aster Vranckx (€42 million profit in 2024-25). The club’s spending has increased significantly, with outlays of €108 million in 2022-23, €124 million in 2023-24, €123 million in 2024-25, and a projected €160 million for the upcoming window. The net spend over these four windows is approximately €250 million. Despite maintaining a wage bill of around €150 million, the overall sporting cost, including salaries and amortization, has risen to €250 million, exceeding that of Roma and Atalanta and approaching Inter.
