Milan have announced a €22.3m half-year loss, an improvement on the €39.4m loss up to December 31, 2016.
The Rossoneri were taken over by a Chinese consortium led by Yonghong Li in April, and today the financial statements up to the end of 2017 were approved.
Revenue was slightly up on last year, at €106.5m compared to €101.8m, while operating costs also rose slightly from €108.2m to €110.8m.
The Diavolo lost €22.3m over the account period, which is a decrease on the €39.3m for last year and the overall debt fell to €165.3m from €178.3m.
However, the debt was at €141.2m up to June 30 2017, with the increase related to a summer spending spree.
Amortisation of player rights close to doubled from €21.6m to €41m, which is explained by the summer transfer campaign.
In addition, financial charges rose to €9.8m from €2.5m “related to outstanding loans from the Elliott group”.
Milan hope to refinance that loan, and it was confirmed that “on January 26, 2018 a mandate was given to Bank of America Merrill Lynch [BAML] for the exclusive organization of the transaction”.
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