Milan have posted a record loss of €145.9m for the 2018-19 financial year, dropping 6.1 per cent in terms of revenue, but the club is said to be unconcerned.
The documentation signed off by CEO Ivan Gazidis confirms the club ran at a loss of €145.9m, circa €20m worse off than the previous year.
This represents the biggest loss in Milan’s history, but the most worrying signs are the drop across the board of various revenue streams.
The revenue in total has fallen from €255.8m in 2017-18 to just €241.1m in 2018-19, a drop of 6.1 per cent.
Revenue from player sales, sponsors and ticket sales have all dropped, as the only climb is in TV rights from €109.3m to €113.8m.
Failing to sign a new contract with Telecom contributed to a €6.7m drop in revenue from sponsors.
Yet the cost of running the club has risen to €373m, an increase of 5.1 per cent from last season.
A very large amount of money was spent on players who were only on loan, namely €10.2m for Gonzalo Higuain for six months from Juventus and €2.9m to get Tiemoue Bakayoko from Chelsea for the season.
However, MilanNews.it claim sources within the club assured this is just a natural part of the restructuring process with Elliott Management taking over from Yonghong Li.
It is part of the same strategy that saw Milan bow out of the Europa League to wipe the slate clean rather than continue to struggle along with outstanding debts.
Money was also spent on improving the infrastructure, such as the training ground, press room and digital communication.
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