AC Milan on Wednesday reported
that it made a loss of 145.9 million euros in the financial year
ending June 30, 2019, the first under the ownership of U.S. fund
Elliott.
The seven-times European champions were sold to Elliott in
July 2018 by Chinese businessman Li Yonghong.
The loss was 20 million euros worse than that registered the
previous season, the only one managed by Li.
Costs last season amounted to 373 million euros, up 5.1%,
while revenues dropped 6.1% to 241.1 million.
Milan are not taking part in European competition after
qualifying for the Europa League for having breached UEFA's
financial fair play rules.
The Serie A giants are also having problems on the field.
They brought in former Lazio, Fiorentina and Inter boss
Stefano Pioli as coach last week after sacking Marco Giampaolo
due to their poor start to the season.
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