Milan is more than football (fashion design, business, fast cars, facism/mussoini etc).. While Liverpool is purely football (if you look away from 4 guys who made a band in the 50s/60s). That makes Liverpool FC a bigger name in Liverpool than AC Milan would be in Milan. Liverpool is famous because of its football club, while Milan is not.
To some degree you can say that Liverpool are one of those town/cities that is famous because of its football.. Milan would have had a name anyways. Visiting Anfield is one of Liverpools (the city's) main-attraction, while san siro is not a main attraction of Milano..That's the difference. Football is everything in Liverpool, while in Milano it's just one of several thing.. So howcome Milan be a bigger club, when they're not even the most important thing in the city.
Though we rarely got to see international football on tv back in the late 80s early 90s.. must probably say some of those players from what then was then Yugoslavia. Dragan Stojkovic had crazy skils. Though he didn't get the same career as others of that generation (Procineski, Savicevic, Pancev etc), think he had the best skils of them all.
Found this videoof his skills.. just look how he dribles Ruud Gullit.. one the best players and biggest star in AC Milan in the world at that time... just falling to the ground..