AC Milan returned to profit for the first time in 17 years in the 2022-23 season, helped by reaching the semifinals of the Champions League, the Italian Serie A club said on Monday.

Now owned by U.S. investment group RedBird Capital, Milan reported record annual revenues of 404.5 million euros ($429 million), an increase of 36% driven by higher commercial and sponsorship sales, increased income from TV rights and higher matchday takings.

That allowed the club to generate a net profit of 6.1 million euros in the year to the end of June — putting them back in the black for the first time since 2006, which Chairman Paolo Scaroni hailed as an “important step.”

“Combining sporting performance, global competitiveness and financial sustainability in football, when on a virtuous path, is possible,” Scaroni added.

Milan lost to city rival Inter in the Champions League semifinals in May.

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RedBird Capital, who took over AC Milan in 2022 in a 1.2 billion euro deal, invested a further 40 million euros which is aimed at helping advance plans for a new stadium.

AC Milan and Inter currently share the famous San Siro stadium but both are looking at alternatives to a venue that was built in 1926 and has been repeatedly renovated.

Italian Serie A football clubs on Monday agreed a 4.5 billion euro deal that will allow DAZN and Sky to retain the rights to screen live matches in Italy for the next five seasons.