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Milan announce losses

16 April 2014 19:08

Milan have announced a loss of €15.7million for the 2013 calendar year.

The consolidated loss is set to be covered by a €22m investment from Fininvest - a financial holding company owned by the Berlusconi family that holds the controlling stake in the Serie A club.

The club also revealed earnings had dipped from €275.9m to €274m.

A statement on Milan's website on Wednesday read: "The figures relate to all three companies within the Milan Group: AC Milan, Milan Entertainment and Milan Real Estate.

"Accountancy firm Ernst & Young have confirmed that the balance sheet accurately reflects the club's situation.

"The positive tendency as far as wage pressure goes is continuing. The total amount has been reduced from €176.4 million to €144 million while general costs have been reduced by €4 million.

"Earnings have dropped from €275.9 million to €274 million."

Club vice-president Adriano Galliani commented: "The year that this balance sheet refers to is 2013 when we came third in the league and got through the group stages of the Champions League and that was a good year.

"The club is respecting the UEFA Financial Fair Play rules."

Milan have endured a difficult 2013-14 on the pitch - Clarence Seedorf's men are eighth in Serie A - and a failure to qualify for next season's UEFA Champions League will have financial implications.

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Sunday 30 April

Saturday 29 April

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Friday 28 April

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Serie A table

# Team MP D P
1 34 +48 84
2 33 +46 75
3 33 +42 71
4 33 +22 64
5 34 +19 64
6 33 +13 58
7 33 +21 56
8 33 +10 55
9 34 +9 49
10 34 +0 46
11 33 -1 43
12 33 -18 38
13 33 -16 38
14 33 -10 36
15 33 -18 35
16 33 -25 30
17 33 -29 29
18 33 -25 24
19 33 -46 16
20 33 -42 14

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