AC Milan

[muxa]

Ma ne vjerujem da ce Rebic od 1.mim. Prije ce biti da će Sale desno.

[Romagnoli13]

Tomori već radi sa loptom individualne treninge. Za par dana će se pridružiti ekipi. Ali neće biti u derbiju, već vjerovatno par dana kasnije da bude protiv Lazia u kupu.

[muha milanez]

Kad klepimo komšije, kad procvjeta atmosfera kod forumaša

[milanist]

Kome se cita opsiran Milanov finansijski izvjestaj

The long-awaited accounts from AC Milan’s 2020-21 season have been published, after a campaign most notable for finally achieving a Champions League return and cutting losses to €95m from over double that amount in 2019-20.

Financial analyst Swiss Ramble broke down the numbers and spliced Milan’s accounts to delve into how they reached managed to cut their losses by over €100m, so we have highlighted some of the key points and listed the positives and negatives in layman’s terms.

The positives
➤ Milan’s revenues have increased from €172m to €241m, which is an increase of €69m.

➤ Milan’s TV revenue increased from €63m in the 2019-20 season to €138m in 2020-21.



➤ Commercial revenues (sponsorship deals, kit deals, advertisements etc.) increased from €77m to €94m.



➤ The Wages to Turnover Ratio (wages to turnover is calculated as what % of the total earnings of a club is given as wages) has decreased from 93% to 70%. This means that 70% of the money the club earns is given as wages for players and administrators.

➤ The Net transfer debt (Net transfer debt = money Milan gave to pay to clubs for transfers minus money Milan received from clubs for buying their players) is just €1m. This is a very healthy sign of how Milan have controlled their debts.



➤ Milan’s Net Interest (Net interest is the interest a club has to pay for the loans they have availed. For example when we take a loan from the bank we have to pay Interest) has been reduced €23m to only €5m per season.

➤ Player Amortisation (Amortisation is the yearly cost of a player’s transfer fee, which is the full fee spread over the length of their contract) has reduced from €95m to €66m.

➤ Player write downs (writing off losses) decreased from €18m to €2m (which is entirely the loss made on Mateo Musacchio).

The negatives
➤ Milan only made a profit of €18m in the transfer window during the 2020-21 season (€20m from Suso minus €2m loss from Musacchio).



➤ The Wage Bill increased by €9m, owing to bonuses paid by the club to the players upon achieving Champions League qualification. It went from €161m to €170m.



➤ EBITDA (Earnings before Interest Tax Depreciation and Amortisation) – considered a concrete metric to the real profitability of a business because it considers only the core operations of the business (revenue minus expenses like wages, losses in transfer market) is still €-15m. This is still a metric where Milan are one of the worst in Italy.



➤ Milan only made €17m from their Europa League performances last season despite making it to the Round of 16.



➤ Milan’s gross debt has increased by €10m owing to the bank loan availed by Elliott Management to buy Casa Milan

➤ Milan made €0m from Matchday Income (stadium ticket sales etc.) owing to matches being played behind closed doors. However, this season will mark a change since stadiums have been opened up for fans to attend games and Milan are expected to make up to €35m.

Areas to improve
➤ Milan’s transfer market activity needs to improve further if they have to make more pure capital gains. They average only €12m profit in the market ever since 2014.

➤ Milan need to consistently make it the Champions League, as their earnings from Europe have been paltry. While Milan only made €17m from Europe last season Inter made €50m, Lazio €54m, Atalanta €51m and Juventus €83m.

➤ Milan have the third-highest Commercial Revenue (i.e. sponsorships) but they are still a €100m behind Juventus. Milan earn only €13m per season from Emirates, which is lower from what Fiorentina get from Mediacom and Sassuolo make from Mapei (though they are also involved in the ownership structure there).



➤ Obviously it is not in the hands of the club, but the broadcasting revenue of the league needs a total revamp if they are to compete with the likes of Premier League and LaLiga, as you can see from the graph below.



Threats and Elliott’s commitment

Milan had agreed with UEFA to sit out a year from Europe in the 2019-20 season and as part of that they had to sign a Settlement Agreement where they will control their finances as per the parameters set up by UEFA.

UEFA asks clubs to cut down their losses to €30m within 3 years. However as per the calculation of Swiss Ramble, Milan have exceeded this by roundabout €273m. Milan have set a meeting with UEFA later in the season to discuss its finances, with the pandemic obviously owing to a lot of that.



A lot of criticism from fans have been directed towards Elliott for essentially a lack of throwing money into the transfer market.. However company accounts indicate that the American fund spent €130m on Milan last season and this has taken their gross spend on the club to almost €540m in the last three years.



Conclusion
Milan have made a real improvement ever since Elliott took charge and they have somewhat steadied the ship that they took control of only because Yonghong Li couldn’t repay his debts. They have somehow managed to balance on-field performances with financial stability thanks to strong figures in the management: technical director Paolo Maldini, sporting director Ricky Massara and CEO Ivan Gazidis.

However with absolutely no support from institutions like FIGC or even UEFA, Milan are more likely to stay the same with the large possibility of Premier League swallowing football on its own, which is why Florentino Perez and a group of other clubs proposed the European Super League.

Amanda Staveley – the co-owner of Newcastle United and part of PFI – stated in an interview that the infrastructure of Serie A is not an attractive proposition for investment which itself is a huge threat for Elliott, who are in the club only for the medium term.

The only positive factor seems to the approval for the stadium seems to have arrived and a design has been selected. Milan estimates about €70-80m revenue from the stadium alone, as well as not having to pay the council for rent.



Milan’s €95m isn’t even close to the highest loss in the league. Scudetto winners Inter recorded the highest ever loss in a single Serie A season at €246m, followed by Juventus with €213m, showing that the pressures of balancing revenues with expenses – especially as the dust settles after the pandemic – is virtually impossible.

[milanist]

Milan are interested in signing Roma forward Nicolò Zaniolo next season

[Fantasista]

Ako je istina da je i Juve zagrijan za njega onda će prije njih izabrat, oni mu mogu dati bolje uslove.

[rope11]

Ne bih ga ni za džabe, skroz upropašten igrač poslije onih povreda.

[Raonffa]

Odličan igrač, ali staklene nogice, baš bi bio rizik njega dovoditi.

[rope11]

A koji je više qurac i ovom Rebiću, opet se povrijedio.

Fascinantno kako se opet dešava tokom pauze i to baš neposredno pred utakmicu.

[Raonffa]

Evo i ja sad čitam baš, do jučer je zdrav bio...

[OldFashioned]

Do nas je neki qurac... Prevršilo svaku mjeru.

[rope11]

On nikad kroz karijeru nije bio injury prone igrač, ali su ga uspjeli napraviti takvim. U par mjeseci tri različite mišićne povrede.
Ovako na prvu kad skontam, izuzimajući covid, mislim da samo Theo, Salamander i Tonali nisu imali nikakve povrede od ovih bitnijih igrača. Ovi svi ostali su se izredali po ambulanti minimalno jednom.


Niti povrede popuštaju niti se doveo iko novi, baš će biti zabavno do kraja sezone.

[celikmilan]

Gabbia je produžio ugovor do 2026. Idemo sad po nova produženja.

[GG3]

Milan are interested in signing Roma forward Nicolò Zaniolo next season

Sta to popunjavate Bolnicu?
Da vam i Sensia prodamo

[milanist]

Milan are interested in signing Roma forward Nicolò Zaniolo next season

Sta to popunjavate Bolnicu?
Da vam i Sensia prodamo

Ma jok, ovo je radi mame mu

[muha milanez]

Nema Ibre i Rebića za sutra, pa ne može jednostavno drugačije i to je to. Znači Leao - Kessie - Salemakers iza Girouda. Poslije Messias i Diaz.
Sredina Tonali i Bennasser. Moglo je i bolje ali nije strašno što se tiče izostanaka.

[ronaldo99]

A jbg opet ti fale dvije opcije u napadu i ne bilo kakve,al eto nije da nismo navikli.

Tomori je sutra sa ekipom,Pioli kaze da ne vjeruje da ce poceti od starta sto znaci da i to nije iskljuceno. Brat se oporavio extra brzo.

[muha milanez]

Jel Lazetić konkuriše, sta je sa njim? Bar je sredina popunjena, a top je što se tiče Tomorija, extra brzo se vratio. Bekovi su tu, Theo napokon igra derbi.

[UrbyEmanuelson]

Ne znam za vas ali meni je nekakav odvratan osjecaj poslije ovog prelaznog roka. Skoro svi timovi dobili malo na sirini jedino mi na istom. Jos uz ove povrede i izostanke da nas dodatno kasape ne mirise na pozitivan drugi dio sezone.
Uspjeh je veliki ako izbore ponovo LŠ

[muxa]

Meni je posebno krivo jer smo na kraju prošlog mercata govorili da nije dovoljan Diaz da izgura sezonu na AMF i da Maldini nije dostojna zamjena.
Tada smo ovdje govorili da treba izgurati nekako do januara pa se dodatno pojačati.
I kad smo svi očekivali da će barem tu pojačati ekipu naravno da nam je krivo što to nisu uradili.