Milan President Silvio Berlusconi has personally covered the €67.3m hole in the club’s budget from January to December 2011.
The shareholder’s meeting was held today and it was confirmed the club raised its income from €253.2m in the previous year to €266.8m.
Milan President Silvio Berlusconi has personally covered the €67.3m hole in the club’s budget from January to December 2011.
The shareholder’s meeting was held today and it was confirmed the club raised its income from €253.2m in the previous year to €266.8m.
However, this still meant the Rossoneri ran at a loss of €67.3m, down from the gap of €69.8m in 2010.
“The losses are completely covered by the Fininvest company,” explained Vice-President Adriano Galliani.
“I feel the need to thank the passion of President Berlusconi. You cannot stay at the top of Italian football just with income alone, even if Milan have the highest income, especially in commercial terms.
“The stadium is what it is. The television rights are sold by the Lega Serie A and UEFA, while we had an increase in income from the Champions League, but a decrease in the League because of the Melandri law.
“Unfortunately in Italy all the top clubs lose money and the small ones make a profit, because the costs remain and the income is divided collectively. We are talking about a balance sheet from a year in which we won the Scudetto and Italian Super Cup.”
Milan were among those most unhappy at the change that saw the Lega Serie A sell pay-per-view television rights in bulk rather than the previous arrangement of clubs selling their own rights individually.
This often led to chaos and delays in starting the season, as some clubs could not find an adequate deal.