DBasia.news – AC Milan confirmed that it had suffered a loss of 195 million euros. Even so, Milan said the loss was in accordance with the club’s expectations.
“The club is not immune to a season which is severely affected by the global pandemic,” read the club’s statement.
“The club’s negative financial performance has happened to the previous management and the end result is a loss of around 195 million euros.”
“Excluding the negative impact of extraordinary situations, the results have improved significantly and are in line with club expectations.”
In this regard, Milan emphasized that they will continue to be committed to complying with UEFA’s Financial Fair Play (FFP).
“A club like Milan needs time to transform, but the club and owner are united in belief and a positive path has been taken.”
“The huge impact of the health emergency is clear. “This can be seen from ticket revenue, reduced commercial activity, and decreased revenue in retail areas (museums, shops, Casa Milan),” continued the club statement.
The club also highlighted that the revenue share of TV rights for the new 2019-20 season will be taken into account next season. In addition, being left out of the Europa League also had a negative impact on the club’s finances.
“The continued support from Elliott, which ensures AC Milan’s financial stability, has enabled important investments, the effects of which will begin to show in the near future.”
“At the same time, an effective cost rationalization policy was launched, also through a significant reduction in the salaries of players and management.”