AC Milan back in profit for first time since 2006

AC Milan posted an annual profit for the first time since 2006 on Monday after the Serie A giants announced that their 2022-23 season accounts were 6.1 million euros ($6.5 million) in the black.

The seven-time European champions bucked a trend of heavy losses among Italy's top clubs by recovering from a 66.5 million-euro loss recorded in the previous 12-month period to go into profit.

Milan said that the small profit was made thanks to a 36 percent increase in revenues to 404.5 million euros, a club record figure.

The club added that the surge in revenues was achieved through a 44.4 million-euro increase in takings from commercial and sponsorship activities, media rights money growing by 41.8 million euros due to a run to the Champions League semi-finals and a 40.3 million-euro increase in matchday revenues.

Milan's accounts come in stark contrast to those recently posted by their biggest rivals Inter Milan and Juventus, who continue to lose money.

Juventus haven't posted a net profit since 2016-17 and lost 124 million euros last season, Italy's most widely-supported club asking shareholders for 900 million euros of capital increases over the last four years to plug leaky accounts.

Inter lost 85 million euros last term despite reaching the Champions League final and Chinese owners Suning need to repay a near 300 million-euro loan from investment fund Oaktree Capital taken out in May 2021.

The loan, plus reported interest of 10 percent, has to be paid back in full by May or Inter could end up being scooped up by Oaktree in a similar way to how fund Elliott took control of Milan from Chinese businessman Li Yonghong in 2018.

Milan's 2022-23 accounts are the first posted under the control of RedBird, who acquired Milan from rival US group Elliott in August last year.