AC Milan to post €145m losses for 2018/19

AC Milan to post €145m losses for 2018/19
Italian soccer giants AC Milan are set to post a loss of €145.9 million (US$162.3 million ) for the 2018/19 season, according to their latest financial filings.

The figure makes for grim reading for the Serie A club, with losses approximately €20 million (US$22.3 million ) greater than the previous year.

Revenue has also fallen 6.1 per cent to €241.1 million (US$268.8 million), according to the filing. This is despite an increase in revenue from broadcast rights, which rose from €113.8 million (US$126.9 million) to €113.8 million (US$22.3 million).

The decline can partly be attributed to revenues from sponsorship income, which fell from €44.7 million (US$49.6 million) to €38 million (US$42.3 million), player management, down from €42 million (US$46.6 million) to €25.5 million (US$28.4 million) , and competition revenue, which dropped from €35.3 million (US$39.3 million ) to €34.1 million (US$37.8 million).

Milan also saw business costs increase, jumping 5.1 per cent to €373 million (US$415 million).

Personnel costs rose more than €34 million (US$37.7 million) to €184.8 million (US$205.5 million), with depreciation and amortisation increasing from €86.4 million (US$96.1 million) to €89.1 million (US$99.1 million).

Despite being one of Italian soccer’s most dominant clubs, boasting 18 Serie A titles, seven European cups and five Coppa Italias, Milan have flattered to deceive over the last decade.

Currently owned by US investment firm Elliott Management Corporation, who took over from Li Yonghong when the Chinese businessman failed to make repayments on their financing agreement in 2018, the club have been excluded from this season’s UEFA Europa League due to Financial Fair Play (FFP) breaches. They have also failed to qualify for the Champions League, European soccer’s elite club competition, since finishing third in 2012/13.

This season, Milan have made a poor start to the campaign, currently sitting 13th in the league. They next face bottom three team Lecce on 20th October.

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