Welcome to issue #003 of Contemporary Football, your inside look at how the game really works behind the scenes.
Monday to Friday, you’ll uncover a new perspective on football business, and sometimes a deeper story that sharpens your thinking and gives you an edge in the beautiful game.
If you need support on your football journey, just write me.
Hey everyone,
Yesterday I was at Juventus’ Academy HQ, and later at the press conference announcing the winners of the European Golden Boy 2025 (last year it was Lamine Yamal who took it home).
I’ll tell you more about that tomorrow.
Today, let’s talk about AC Milan, Serie A, and financial sustainability.
The RedBird job
Milan made +€3 million last year.
That’s the third year in a row in the black!
In Serie A, that’s rare.
Revenue hit €495 million, up 10 % from last season.
How?
They finally had a full Champions League run: more matches, full stadiums, UEFA money flowing in.
They also moved smartly in the market: selling at the right time AND keeping salaries under control.
It’s always a matter of AND, not OR.
Equity now sits around €199 million, meaning they can handle a bad season or no Europe without panic.
They’ve spent over €250 million on the squad in two years.
And euro spent for players went back into the system: first team, academy, second team.
Next big move: a new stadium with Inter at San Siro.
That’s the real game changer.
That’s the chance to close the gap with Barcelona or Liverpool.
More than just numbers
Milan’s profit isn’t luck.
It’s structure. Strategy. Alignment.
They built a cost base they can live with, even when results dip.
That’s something most clubs never learn.
They win one year, overspend the next, and collapse.
And start from scratch.
What are the other Serie A top teams doing?
Inter lost €35 million in 2024 and posted a profit of €35 million in 2025 (its first profit in years) after losing €572 million in the previous four years.
Juventus has lost €257 million over the last two years.
Napoli ended 22/23 with a profit of €79 million and 23/24 with €63 million. As for 24/25, we will have to wait until the end of the year (this time it will be at a loss).
Profitability is about to become the new competitive advantage.
Boardroom lessons
You don’t buy stability.
You must earn it.
And often going against fans… but this is the topic of a future newsletter :)
You build a club that can survive a bad season without changing the plan.
That’s what RedBird is doing.
Final Thoughts
Milan and Inter are about to start a new chapter.
If the new stadium really happens — and happens fast — both clubs will make more money and become stronger.
But remember: in football, buildings don’t win games.
People do!
Good executives, good coaches, good players, good doctors,…all rowing in the same direction.
And keeping costs under control still matters more than anything.
Your turn: What do you think about RedBird’s management so far?
That’s all for today!
See you tomorrow,
Federico