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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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Tuesday 31 March

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Serie A table

# Team MP D P
1 28 +41 67
2 28 +18 53
3 28 +24 52
4 28 +9 48
5 28 +11 47
6 28 +10 46
7 28 +2 39
8 28 +6 38
9 27 +4 37
10 28 +6 37
11 28 -3 35
12 27 -5 33
13 28 +0 33
14 28 -9 32
15 28 -9 32
16 28 -15 32
17 28 -15 26
18 28 -19 21
19 28 -24 21
20 26 -32 9

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