AC Milan has recorded a profit of $6.51 million for the 2022-23 financial year, the first time the club has been in the black since 2006.

The turnaround has been driven by the club’s record revenue of $431.4 million — about 100 million more than last year — and boosted by the team reaching the Champions League semifinals last year.

Milan’s finances were also boosted by increased media and TV rights of $44.6 million and a growth in commercial revenue and sponsorships of $44.6 million.

“Combining sporting performance, global competitiveness and financial sustainability in soccer, when on a virtuous path, is possible: the financial statement that has just been approved is a testament to that

 “This marks an important step in our club’s history with a return to net profit after 17 years,” Milan president Paolo Scaroni said.

Milan has come far since reporting a club-record deficit of 145.9 million euros (then $161.2 million) in 2019. 

That was after hedge fund Elliott Management took over when the club’s former Chinese-led consortium missed a deadline to repay part of a loan.

But Elliott and RedBird Capital Partners, which took over the club last year, have turned things around. That culminated on the field with Milan winning its first Serie A title in 11 years in 2022.

“We are heading towards a new important chapter of evolution in the development of our club, supported and made possible by Gerry Cardinale’s strategic vision, the expertise of RedBird, the competence and determination of the entire management team led by our CEO Giorgio Furlani, and the talent of our teams, who will continue to thrill and excite our fans,” Scaroni said.