Milan CFO answers questions on potential big sales, renewals and €20m signing limit | OneFootball

AC Milan’s Chief Financial Officer Stefano Cocirio has spoken about the 2023-24 accounts which were approved yesterday and what it means for the future of the club.

The accounts show that Milan have recorded a net profit for the second consecutive year, this time €4.1m. This profit was fuelled by record revenues of €457m, marking a new all-time high for the club, surpassing the previous season’s record of €404.5m, a +13% increase.

Given that on the field the Rossoneri did not go deep in the Champions League nor win a trophy, player trading played a big part in things. It went up €45.9m compared to the previous season, primarily due to capital gains – from Sandro Tonali’s sale above all – and higher loan fee income.

This has led to worried that – to simplify things – if Milan do not go deep in Europe then they will be ‘forced’ to sell a key player for big money to fill the hole in the budget. That is, if the owners wish to remain in profit.

Cocirio spoke to journalists who were present at the meeting to brief them on the results and answer questions about the direction that the leadership wish to take moving forward. MilanPress relayed his comments.

Is there a transfer fee limit of €20m per player?

“We already have an increased cost for the registered players of 8% in the 2023-24 season. There is no specific objective. By organically generating resources, we reinvest them in full. Also for 2024-25 the investment will grow, also taking into account Milan Futuro.”

Will the club make an extra effort to renew the contracts of players already in the squad like Maignan and Theo Hernandez?

“Last year we renewed ten first-team contracts, which is proof of the club’s desire to retain the best players.”

Does the budget mirror the ambitions of the club?

“The budget assumptions do not represent the sporting ambition of the club. They are conservative budgets, then we take note of the sporting performances and invest the amount in the next transfer window. In this year’s budget we have reaching the play-offs in the Champions League.”

What do you say to the AIMC protests about ticket allocations?

“There has been no reduction in tickets for the Italian Milan Club Association. We met last week, there are some issues put on the table by AIMC and we are discussing them to try to find an agreement that is good for both parties.”

Do you expect a balanced budget without big player sales?

“More or less we expect a range of a small profit or a small loss in the absence of large sales like that of Tonali last year.

“We don’t need to sell players, these are opportunistic situations that are evaluated on a case-by-case basis based on the offers the club receives. We have the ability to choose precisely thanks to the accounts.”