The annual KPMG report showed that Milan are the only club in Europe’s top 32 to have lost value over the last five years, whereas Inter increased by 146 per cent.
During that period, the Rossoneri went from Silvio Berlusconi to Yonghong Li and then Elliott Management, who repossessed the club after the Chinese businessman defaulted on loan repayments.
The study by accounting organisation KPMG found that Milan are the only club in Europe’s top 32 to not only have failed to grow during the last five years, but even lost value.
Their Football Club Valuation fell by three per cent, from €545m to €526m.
On the other hand, within the same city, Inter increased their value by 146 per cent, giving them the biggest improvement after Lyon (193 per cent) and Tottenham Hotspur (158 per cent).
It took the Nerazzurri’s value to €983m, almost double that of their San Siro rivals.
“The two Milanese clubs took completely different paths,” KPMG Global Head of Sports Andrea Sartori told La Gazzetta dello Sport.
“Elliott Management are a private equity fund with very different objectives to Suning, who are strategic investors benefiting from investment in Inter by using the brand to help sell their products. It’s no coincidence that Inter have notably increased their commercial revenue.
“As for Milan, it’s extraordinary that in the last five years they have accumulated losses of €442m equivalent to the profit made by Tottenham (€439m) in the same period.
“Milan are paying for a lack of planning, the failure of the Yonghong Li purchase which did more damage than anything else. At this point, it’s difficult to see any other way out for the Rossoneri than to sell the club.”
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