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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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Thursday 5 May

Wednesday 4 May

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Serie A table

# Team MP D P
1 36 +51 88
2 36 +43 76
3 36 +37 74
4 36 +13 64
5 36 +16 60
6 36 +6 55
7 36 +7 54
8 36 +0 51
9 36 +1 49
10 36 -1 45
11 36 -5 43
12 36 -9 43
13 36 -7 41
14 36 -11 41
15 36 -5 40
16 36 -24 38
17 36 -19 35
18 36 -28 35
19 36 -36 31
20 36 -29 25

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