Milan is the English form of Milano, the industrial capital of Northern Italy.
It is also the name of one of the two Milano football teams, more precisely A.C. Milan (the other one being Inter).
The football team, whose colors are black and red, got an English name because it was founded in 1899 as the Milan Football and Cricket Club. The founder was a Briton living in Milano, named Alfred Edwards.
You can find oodles of details on the www.acmilan.it site, but basically the team won an Italian championship in 1904, and then it sucked steadily for 44 years until the 1951 champioship which it won.
The team was bought in 1986 by Silvio Berlusconi, and currently it is one of the strongest football teas in Italy, sporting 16 "scudetti" (italian championships) and being a strong part of Berlusconi's media and entertainment empire.