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The original was posted on /r/acmilan by /u/mercurialsaliva on 2025-06-05 03:06:09+00:00.
Milan, the sale of Reijnders pushes the 2024/25 budget towards profit
The economic situation of the Rossoneri club between the 2024/25 financial year, a season without the Champions League and the watchful eye of UEFA.
From Mark Sacchi
Finance
Onefootball
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Milan budget forecast
Gerry Cardinale (Photo: Marco Luzzani/Getty Images)
Milan 's season ended a few days ago, with two games that sealed the Rossoneri's absence from European competition in 2025/26. First, the defeat in the Coppa Italia final against Bologna in mid-May, then the 3-1 defeat by Roma that extinguished their hopes of entering the competition from the league as well. The last matchday against Monza served only as a final catwalk, before thinking about the new course.
The Rossoneri will now have to lick their wounds, but above all try to understand what went wrong, remedying the mistakes of the recent past. On the sporting front, the club has moved with the arrival of Igli Tare as the new Sporting Director, while on the bench the club has decided to focus on Massimiliano Allegri, who returned after the experience between 2010 and 2013, when he was fired during the season.
There will be no more mistakes, especially those with a strong economic connotation such as the objective of fourth place. Qualification for the Champions League is essential for the balance of accounts of a club like Milan, which in the last two seasons has consecutively recorded a profit in the balance sheet . A positive sign that should also return for 2024/25, thanks to capital gains.
In this regard, it seems all done for the sale of Tijjani Reijnders to Manchester City. An operation that would have been closed on the basis of 55 million euros fixed plus bonuses, for a total of 70 million euros overall. A figure that, based on the estimates of Calcio e Finanza , should lead to a positive impact of over 38 million euros between capital gain and the percentage of the same to be relegated to AZ Alkmaar. An operation that will take the best player of the Rossoneri squad this season away from Milan, also elected best midfielder of Serie A in 2024/25. An operation that shows a certain attention to the accounts by RedBird, who will still have to adequately replace the player to aim at least for a return to the Champions League.
Milan budget forecast – Estimates for the 2024/25 season
According to Calcio e Finanza estimates , at present – and considering the Reijnders operation – the 2024/25 financial year of the Rossoneri club will therefore record a positive gap between revenues and costs in the order of 13-14 million euros , for a balance sheet that would therefore close in profit for the third consecutive season. In detail, according to estimates, costs and revenues have grown in step, with a significant impact of the “capital gains” item.
The results are still evolving, considering that between now and June 30 the situation could still change thanks to the transfer market. Also considering the new window introduced by FIFA to facilitate the teams participating in the Club World Cup (from June 1st to 10th), but open to all, the Rossoneri club could complete other outgoing operations capable of increasing the revenues of the financial year. A move that would not be convenient for Milan, however, since - as we will see shortly - the 2025/26 budget will be particularly suffering due to the lack of Champions League.
Milan budget forecast – 2025/26 and a season without European cups
If the room for maneuver for the 2024/25 season has allowed Milan (pending official announcements) to close a balanced budget again, the 2025/26 season will certainly be more complicated, the one in which the Rossoneri will not be able to count on revenues from UEFA club competitions: Champions League , Europa League or Conference League . For this reason, the club could "postpone" other possible outgoing operations to a date after June 30, when the capital gains will fall on the accounts of the new season. In this direction, if confirmed, also the substantial bonuses of the Reijnders operation seem to go, which would amount to a total of 15 million euros and could alleviate the potential liability.
Returning to the core revenues, making a comparison with the current season, the RedBird club will be missing around 80 million euros between the bonuses for qualification and results achieved in the Champions League, in addition to the stadium proceeds for home matches in the competition. It is also likely that the absence from the cups will affect some bonuses linked to the main sponsors, money that Milan could decide to always recover on the transfer market in order not to close at a loss, considering that affecting costs is always a complicated challenge and requires more time.
It should be remembered, however, that the net equity of the Rossoneri club as of June 30, 2024 was largely positive, given that at a civil level it was equal to 200.7 million euros while at a consolidated level it was equal to 196.3 million euros, an increase compared to the balance of 177.2 million euros of June 30, 2023, "due to the payments on account of a future share capital increase for a total of 15 million euros made by the majority shareholder and the consolidated profit for the year equal to 4.1 million euros". A detail of no small importance, which underlines how the Rossoneri club is able to face any losses even without direct intervention by the shareholder.
Milan budget forecast – The UEFA chapter
Finally, the UEFA chapter should not be forgotten . With the conclusion of this season, Milan will exit the Settlement Agreement signed with the European Football Federation in 2022 and which covered the reporting periods ending in 2022, 2023, 2024 and 2025.
From next season (2025/26) Milan will be monitored like any other club and, based on the new rules imposed by Financial Fair Play , it will not be able to record aggregate losses exceeding -60 million euros compared to a monitoring period calculated on the previous three years. Therefore, from next season the 2025/26 financial year will be evaluated together with the two previous ones (2024/25 and 2023/24) and the aggregate sum of the three financial results (calculated for UEFA purposes, and therefore taking into account virtuous costs that reduce the losses considered by the European Football Federation) must not exceed -60 million euros.
For this reason, particular attention will have to be paid to the accounts and, to remain within the UEFA parameters, the club will have to find alternative sources of revenue to those that will be missing, while at the same time taking into account the need to return to playing in the Champions League in 2026/27.