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AC Milan

GdS: Milan’s virtuous model bearing fruit


AC Milan have stabilised their accounts under the ownership of Elliott Management and the on-field results are improving too, as per a report.

This morning’s edition of La Gazzetta dello Sport (via MilanLive) describes AC Milan as having a ‘real virtuous model in the cauldron of Italian football’ and it is all thanks to the policy of Elliott Management, the well-known American investment fund which in 2018 acquired the majority stakes in AC Milan after Yonghong Li failed to repay a loan.

With Ivan Gazidis as the CEO arriving to instil the vision dictated to him from above, there are signs that the journey has been a positive one so far. Milan’s net financial debt was €102m at the end of the last financial year, far lower than that of their two historical rivals: €374m for Inter, €389m for Juventus.

Elliott have paid in €560m as equity or the purchase of shares on the market by the club, in order to obtain dividends from its share capital. Meanwhile, internal policies such as putting a reasonable cap on salaries and standing firm on not overpaying has helped Milan halve their losses to €96m in 2020-21, despite the pandemic.

Milan are actually the club that has obtained the least revenues and capital gains from the sales of players with just €53m against the €328m of Juventus. That is because the focus is on ‘consolidation of assets and on the enhancement of talents’ to keep costs in line.

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The paper ends by remarking that Elliott’s plan is for the club to sustain itself within the next two or three years and then they intend to sell the shares in the future to obtain a significant capital gain, but they will only do so when the Rossoneri are competitive and totally sound financially.


READ MORE: Milan looking to boost revenues – discussions underway with PUMA and Emirates



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