An analysis of the balance sheets presented by Serie A clubs found only Atalanta, Sassuolo, Napoli and Crotone made a profit over the last decade.
Of the sides in the top flight during the 2020-21 campaign, just four had made more than they lost over the last 10 years.
Napoli are by far the most virtuous, earning €132.2m since 2010, running at a loss only in the financial years ending 2015, 2016 and 2018.
However, that is also because the club went bankrupt in 2004 and had to start again with new President Aurelio De Laurentiis, earning promotion back into Serie A in 2007.
The other club raking in the cash is Atalanta, who over a decade amassed €58.1m in profits.
That has been largely due to the last four years, when their profits jumped from €0.2m to €26.7m, then €24.4m for two years running.
Crotone generated €3.5m in profit, but again, that’s because they were largely in the lower leagues during that period.
Sassuolo ran at a profit of €1.6m over the decade, as after five years of consistent gains, they ran at a loss over the last two seasons.
Milan have been run into the ground over the last 10 years, moving from Silvio Berlusconi to Yonghong Li and repossessed by the Elliott hedge fund.
Over 10 years, the Rossoneri ran at an astonishing loss of €914.5m.
That’s almost double the next club down, Roma, who lost €527.2m, followed by Inter on €470.3m and Juventus on €281.5m.