AC Milan announce EUR89.3m loss
AC Milan have recorded a loss of EUR89.3 million over the financial year 2015, with holding company Fininvest vowing to cover the deficit in its entirety.
The Serie A outfit announced their financial results during Thursday's shareholders' meeting.
"Milan announced a loss of EUR89.3m over the financial year 2015 at Thursday's shareholders' meeting at Casa Milan," a statement on the club's official website reads.
"Holding company Fininvest will cover the loss entirely."
Milan spent big in the transfer market ahead of the 2015-16 campaign, with the signings of Alessio Romagnoli, Carlos Bacca, Luiz Adriano and Andrea Bertolacci costing in excess of EUR80m.
But their investments have yet to pay off as they currently sit sixth in Serie A, and they face a battle in the final weeks of the campaign for the final European place.
However, joint CEO Adriano Galliani has stressed the board of directors are determined to turn things around.
"The club has a long-term strategic plan with regards to Financial Fair Play," Galliani commented.
"The Casa Milan project is part of a strategy to diversify revenue streams. Casa Milan has received 600,000 visitors and brought in EUR6.4m in revenue so far and this is considered to be a more than positive outcome.
"An owned stadium remains one of the strategic objectives. The costs relating to San Siro include the redevelopment of the stadium that will allow us to host the Champions League final.
"We cannot make comparisons between clubs floated on the stock exchange.
"In sport there are positive and negative cycles. The board of directors are doing everything to overturn the trend."