Milan halve losses, discuss new stadium plans

by | Oct 26, 2021 16:52

Milan announced that Gordon Singer has entered the Board of Directors, while their losses were cut to €96.4m from last year’s €194m. ‘The trend is positive,’ said President Paolo Scaroni, who also gave an update on the new San Siro plans.

The club held its shareholders’ meeting today and approved the 2020-21 balance sheet, which saw the club running at a loss of €96.4m, consolidated from €98m.

That has practically halved the losses from this time last year, which were €194m.

At the same meeting, Elliott Management chief Gordon Singer was appointed to the board of directors, in place of Gianluca D’Avanzo, consolidating their hold on the club.

“The trend is positive. We’ll see about breaking even further on, but it depends on many factors, including whether we are in the Champions League or not. We hope to improve our results for this season,” Scaroni told reporters.

He also discussed the stadium project, which is being worked on in unison with Inter and the Mayor of Milan Giuseppe Sala.

“I am convinced we cannot become protagonists again unless we have modern stadiums, comparable to the ones we play in for the Champions League.

“We’ve talked about this for almost two years and I emerged comforted from a meeting with Sala on Monday.

“The Mayor agrees we need a top level stadium so the two Milanese clubs don’t have to keep selling their most precious players. We are optimistic and moving quickly to start as soon as possible.”

There had been some debate as to whether the existing Stadio Giuseppe Meazza would be knocked down or refurbished, but Scaroni is clear.

“We must build a new stadium next to the current San Siro and there are no doubts on that. On the other hand, the timing and requirements have changed compared to two years ago, so we’ve been asked to revise the Real Estate project.

“We’ve decided to progress in two phases, focusing on the stadium first, then we’ve got time for the Real Estate and to make that suited to everyone’s needs.”

There were also reports that the local council was unsure of agreeing to a new stadium when Inter’s financial stability was still in doubt due to Suning’s issues.

“We did not talk about Inter’s finances,” assured Scaroni.

Scaroni

4 Comments

  1. Mike

    Losses getting cut in half year on year, new stadium on the horizon, looking good in Milan 🙂

  2. Jon

    Year on year, £100m pound losses yet no where close to closing the gap on top euro clubs

  3. Jon

    …at least they have a sensible plan to turn things around.

    Juve just gambled on CR7 and ended up in a bigger financial hole dumping the upward trajectory they had.

    Really can’t see serie a getting better against euro peers

  4. Burky

    True Mike, other teams should follow.

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