Alkass Digital
Italy’s top tier football club AC Milan swung back to profit for the first time since 2006 as revenues grew by more than €100 million ($106 million) last year to a record high.
The club, owned by US-based investment fund RedBird Capital Partners, reported a profit of €6.1 million and revenues exceeding €400 million in the financial year ended in June, the company said in a statement on Monday.
Results are mainly driven by revenue growth in commercial and sponsorships, broadcasting rights and an increase in season ticket sales.
Player performance rights grew by €50.5 million and the company expects further gains from recent transfers.
The club, founded in 1899 and previously run by the late tycoon Silvio Berlusconi, was sold by Elliott Management Corp. to RedBird last year. Gerry Cardinale’s fund has invested €40 million as AC Milan seeks to build a new stadium.