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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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Serie A table

# Team MP D P
1 0 +0 0
2 0 +0 0
3 0 +0 0
4 0 +0 0
5 0 +0 0
6 0 +0 0
7 0 +0 0
8 0 +0 0
9 0 +0 0
10 0 +0 0
11 0 +0 0
12 0 +0 0
13 0 +0 0
14 0 +0 0
15 0 +0 0
16 0 +0 0
17 0 +0 0
18 0 +0 0
19 0 +0 0
20 0 +0 0

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