Scaroni confirms losses for 2020-21, stresses importance of new stadium and sets three-year target

By Oliver Fisher -

The Milan shareholders’ meeting took place this afternoon and it was confirmed that the reported figures regarding the club’s 2020-21 financial accounts are correct.

MilanNews writes how club president Paolo Scaroni, the managing director Ivan Gazidis and the general manager Roberto Masi plus director Giorgio Furlani were present to answer questions from the shareholders this afternoon. It was confirmed that the figure reported by MilanNews and Calcio e Finanza – a consolidated loss of €-96.4m for the most recent financial year – is indeed correct.

Scaroni took to the floor and gave an update to all those who were present and he also gave an update on a number of different things, in particular the new stadium project which is seen as a crucial next step for the club, plus the failed Super League project Milan were initially a part of.

“It was an assembly where all the resolutions passed unanimously. The loss for the year ended at 98 million was approved for the financial statements while the consolidated one was 96.4 million,” he said.

“Gordon Singer has joined the board of directors in place of Gianluca D’Avanzo. For the stadium, I am convinced that we will not be able to become protagonists again if we do not have modern stadiums, comparable to those of the teams we play with in the Champions League.

“We have been talking about it for almost two years, on Monday we had a meeting with Sala and I came out comforted. The mayor agrees that a level stadium is needed to ensure that the two Milanese teams stop selling their best players.

“We need a stadium that increases our income and where the game becomes an event. I had words of reassurance from the mayor. We need to finalise details on Real Estate projects. We are optimistic, confident, we are moving quickly to get started as soon as possible.”

On the Super League: “The original Super League project has been shelved. Today we face a key step. The decisions that the European court of Luxembourg will take on FIFA and UEFA will tell us whether they have operated in a non-competitive manner. But any discussion will come after the ruling of the Luxembourg court.”

On the €98m losses: “I’m not happy, because it is still an avalanche of money. Our shareholder continues to intervene according to our needs, convinced of our path. The money they inject is an investment. I have a lot of respect for money the money from the others, especially of the companies where I am president.”

Is there a time frame for the objectives that the club has set itself?

“It all depends on the sporting results. We live in a world where the income statement and the sporting results are directly linked. At Milan, what they like is to be always in the Champions League. If we can achieve this sporting result, it is not illusory to think of a zeroing of losses in the next three years.”


Tags AC Milan Paolo Scaroni
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