There is excellent news for Milan, who closed the first semester of 2021-22 with a profit, having grown revenue by 40 per cent.
Calcio e Finanza reported the findings following today’s board meeting, headed by President Paolo Scaroni.
The club was essentially repossessed by hedge fund Elliott Management after previous owner Yonghong Li failed to keep up with loan repayments, having used the borrowed money to purchase Milan from Silvio Berlusconi.
Since then, Elliott have been pursuing a strategy of balancing the books and getting the club back into black.
It is working, helped by qualification for the Champions League for the first time in seven years.
Despite the effects of COVID-19 and the limits on ticket sales, Milan still bucked the trend by boosting revenue by 40 per cent compared to the first semester of 2020-21.
They also sold the Casa Milan building to generate €18m, finishing the semester with a €3m profit.
According to Calcio e Finanza predictions, Milan should end the year with €300m in revenue.
Il #Milan chiude il primo semestre 2021/22 in utile: ricavi in crescita del 40% https://t.co/wF3aIx61nC pic.twitter.com/1QE1GhxXKS
— Calcio e Finanza (@CalcioFinanza) March 29, 2022
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