In a historic shift, AC Milan and Inter Milan have overtaken Juventus in revenue for the first time since the 2011-12 season. This change comes in the same year that Real Madrid became the first football club to surpass €1 billion in revenue.
Gazzetta dello Sport detail how, according to Deloitte’s Football Money League for the 2023-24 season, Milan reached €398 million in revenue, while Inter closely followed at €391 million, both showing a 3% increase from the previous year. Juventus, excluded from European competitions, saw an 18% decrease, dropping to €356 million.
The Milan clubs’ rise to the top of Serie A in terms of revenue marks a significant turnaround from their struggles earlier in the decade. Milan, which had fallen below €200 million in revenue when out of European competition, has seen a remarkable 93% increase since 2018-19. Inter, despite facing a liquidity crisis, has managed a 7% growth over the same period.
However, the challenge for both Milan clubs now lies in closing the gap with Europe’s football nobility. Real Madrid leads Deloitte’s list with €1,046 million in total revenue, significantly boosted by their renovated Bernabéu stadium. The Spanish giants saw match day revenue jump from €122 million to €248 million, with aims to exceed €400 million once the stadium is fully operational.
In comparison, Milan and Inter’s match day revenues stand at €87 million and €81 million respectively, roughly a third of Real Madrid’s and half of what clubs like PSG, Manchester United, and Arsenal generate.
The stadium issue remains crucial for the Milan clubs, with US funds RedBird (Milan) and Oaktree (Inter) allied in a project to build a modern, multi-functional stadium to multiply resources. However, stadium improvements alone won’t be enough to bridge the gap.
Italian teams have fallen behind in the transformation of the football industry, where a few recognizable brands have penetrated global markets. This is evident in commercial revenue: while Milan has nearly tripled its income since 2018-19, its current €150 million (and Inter’s €112 million) pale in comparison to Real Madrid’s €482 million, Bayern Munich and Barcelona’s €421 million, and Manchester City’s €407 million.
The entire Serie A faces a deficit compared to the Premier League, La Liga, and Bundesliga. Foreign owners in Italy have recognized this, joining forces to influence recent League elections. The “de-provincialization” of Italian football is a common goal for both Oaktree and RedBird, alongside stadium development, as they seek to elevate Milan and Inter back to the upper echelons of European football.
