AC Milan: Serie A club suffers heavy revenue loss worth €146 million

Serie A team AC Milan have broken the worst possible record after reportedly suffering a loss of €146 million after balancing the sheets for 2018/19. The losses have risen by a massive sixteen per cent from the previous season, in what was yet another poor season for the Italian Serie A club. 

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Serie A News: AC Milan 

AC Milan, bought by the US hedge fund Elliott from Chinese businessman Li Yonghong in July 2018, tried to get back to winning ways. However, the lack of Champions League football and disqualification from the Europa League for Financial Fair Play violations added to a disappointing start to the Serie A season. Also, AC Milan have changed their coach wth just seven games into the season, further adding to the instability among the squad and the club alike. According to Italian reports, the major worrying factor is the drop in the overall revenues by six per cent, despite the revenues from TV rights rising by about €4 million. The club's poor run meant that the revenues from player sales have dropped along with ticket sales, which has dropped by about €1.2 million alone. Sponsorship revenues for the club also appear to be on a decline. AC Milan reportedly failed to agree upon a contract with Telecom that contributed to a significant drop in their sponsorship. The club had signed striker Gonzalo Higuain and Tiemoue Bakayoko on loan from Juventus and Chelsea respectively which significantly increased their wage bill. On the whole, the loss was nothing but a compounded effect of the club's instability and poor decisions in the last few seasons.

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Despite such a loss, the owners, as well as the executive of the Serie A club - Ivan Gazidis, are said to be happy with the club and appear to be unconcerned. They consider the financial turmoil to be a part and parcel of the reconstruction process. This should come as at least a sliver of hope for the fans who have been waiting to see the club back to the pinnacle of Italian football for years now. 

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