The San Siro stadium returned record revenues in the 2023/24 season driven not only by cashflow from Serie A clubs Inter Milan and AC Milan but also by concerts.
Calcio e Finaza said M-I Stadio, the company owned by the two clubs to manage the venue, reported revenues of €36.2 million for the year to the end of June 2024, up 33% compared to €27.1 million the year before.
However, profit fell to €1.3 million compared to €3.6 million in 2022/23.
Much of the revenue came from rent paid by Inter and Milan for using the San Siro, which came in at €9.1 million. This was in addition to approximately €1.8 million of so-called “inter-company chargebacks” linked to costs incurred by the companies for the management of the facility (including €469,000 for replacing the turf).
The relationship with Inter and Milan is therefore worth approximately €10.9 million for M-I Stadio, equal to 33% of overall turnover.
AC Milan, or simply Milan, is an Italian professional football club based in Milan, Lombardy (Italy). Founded in 1899, the club competes in Serie A, the top tier of Italian football.
Inter Milan, or simply Inter, is an Italian professional football club based in Milan, Lombardy (Italy). Inter is the only Italian side to have always competed in the top-flight of Italian football – Serie A – since its debut in 1909.
The San Siro Stadium is a football stadium in the San Siro district of Milan, Italy. It has a seating capacity of 80,018 making it the largest stadium in Italy and one of the largest stadiums in Europe. It is the home stadium of the City’s principal professional football clubs – the AC Milan and the Inter Milan – who share an intense rivalry. The San Siro Stadium is also known as the Giuseppe Meazza Stadium.
Calcio e Finanza further stated that among other items, revenues from the museum and tours of the stadium increased to €6.3 million (an increase from 181,219 to 268,524 attendances compared to 2022/23), while the stadium bars generated €2.5 million.
The Nerazzurri and Rossoneri played 51 games at San Siro in 2023/24, while 24 concerts were staged in the same period.
Meanwhile, revenues from concerts exploded, more than doubling to €11.9 million compared to €5.6 million in 2022/23, thanks to the growth in the number of concerts hosted at the Meazza, which rose from 14 to 24.
Costs for M-I Stadium also increased from €23.1 million to €34.5 million. The increase in costs is also linked to the increase in the rental contract for spaces towards Inter and Milan (3 million), so much so that the costs paid to the two clubs amounted to 8.5 million.
Inter Milan and AC Milan are currently looking to build a new joint stadium to replace the San Siro, which has been the clubs’ home since the early 20th century.
The clubs initially looked into building a new stadium, then two separate home stadiums and eventually trying to renovate the iconic ground. However, the renovation of the stadium has been deemed financially unfeasible.
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