As expected, AC Milan’s balance sheet for the 2019-20 season was approved during the Shareholders’ Meeting on Wednesday, with some interesting findings.
As La Gazzetta dello Sport notes (via MilanNews), the Rossoneri cost owners Elliott Management around €10m per month to run. The club’s turnover suffered in the financial year as it fell from €228m to €172m, largely due to the Coronavirus.
In fact, the global pandemic is attributable to a €41m loss in revenue (€27m less from the TV rights, €11m from stadium revenues and €2m from commercial revenues), partially offset by €7m (made up mostly of the €4m for the agreement found with the players on salaries).
The good thing for Milan is that the cost reduction is bearing some fruit as the gross salaries of the players fell from €185m in the previous budget to €161m.
However, the club have suffered the effects of not participating in European competition as €16m was lost because of the non-participation in the Europa League, which can be compensated this year in case of a good progress.
