AC Milan’s financial struggles have continued to worsen, with Forbes reporting that the Italian giants announced losses of €126m for the year of 2017/18.
This latest figure is a big rise on 2016/17’s €73m. And, over the last five years, the Serie A side have recorded a total of €460m in losses.
Things had appeared brighter when the club posted their half-year accounts earlier this year, with a six-month loss of €22.3m, lower than their €39.5m for the similar period 12 months prior. But many changes have taken place since these figures were posted.
Yonghong Li’s new Rossoneri Sport Investment company took over from long-time owner Silvio Berlusconi in 2016.
However, the Asian businessman was unable to fund the venture in its entirety and sought assistance from Elliot Management, an American-based hedge fund, to get things over the line.
Milan’s loan repayment, which matures this October, has left the club in a regrettable position. Li was unable to even make it to October and Elliot Management took control during the summer after his defaulting on the loan.
The new owners have made a host of changes in the backroom and new finance has been introduced ahead of what should be a more stable period for the club.
Arsenal’s Ivan Gazidis is expected to take over as Milan’s chief executive in the coming weeks, while the likes of Paolo Maldini and Leonardo – both former Rossoneri players – have been brought in to oversee player recruitment.