CEO Adriano Galliani explained €91.3m losses and if Silvio Berlusconi does sell the club, “it will only be for the good of Milan.”
Today’s shareholder’s meeting was very tense, as the Rossoneri approved the balance sheet for 2014 showing a loss of €91.3m.
“The loss is of €91.3m, but with the usual criteria normally present the loss would have only been of €46.6m,” explained Galliani.
CEO Adriano Galliani explained €91.3m losses and if Silvio Berlusconi does sell the club, “it will only be for the good of Milan.”
Today’s shareholder’s meeting was very tense, as the Rossoneri approved the balance sheet for 2014 showing a loss of €91.3m.
“The loss is of €91.3m, but with the usual criteria normally present the loss would have only been of €46.6m,” explained Galliani.
“Two events contributed to the higher loss: the lack of Champions League football and the different fiscal accounts of Finivest (Berlusconi’s parent company) with AC Milan.
“As of 2013 Milan have been walking on our own feet and cannot count on the tax breaks derived from the controlling company.
“Even the entire wage of the former Coach (Clarence Seedorf) until 2016 has been entirely absorbed in the 2014 budget.
“Above all Finivest covers all the losses and it covers them for the small shareholders as well. No one has ever done more for Milan than Finivest and I know that when you are winning you think you can always win, but in football when you win you will eventually stop winning and when you lose you will eventually stop losing.
“Obviously there are transfer moves to be made and we will try to do just that.”
Galliani tried to defend President Berlusconi, who has recently scaled back his investment and is in negotiations to sell Milan to Thai investor Bee Taechaubol.
‘Mr Bee’ will reportedly meet with Berlusconi in Rome rather than Milan tomorrow evening.
“Our owners, Finivest, have invested an enormous amount of money in the club taking the club to incredible results,” continued Galliani.
“If ever the club were sold, which is not at all certain, the Silvio Berlusconi era will remain the most successful era ever of this club.
“It is Finivest that has decided not to integrate the balance sheet of Milan with that of Finivest. The number that comes out is €91m, which is certainly more than €46m and I am disappointed about that, but Finivest have already covered the loss in March 2015.”
Some of the shareholders were increasingly angry during the meeting and asked if Milan were now in the same position as under former owner Giuseppe Farina – who took the club to bankruptcy before Berlusconi arrived in 1986.