NEWS NEWS
GdS: Milan’s future guaranteed thanks to Elliott’s solidity despite record losses
By Nikita Fesyukov - 10 October 2020, 12:12
AC Milan confirmed a loss of 195 million euros yesterday, as the Coronavirus effect made itself felt and has had a heavy impact on the financial situation of the club, even though this is the case of essentially every club during these tough times.
As reported by Gazzetta dello Sport (via milannews.it), the lack of box office revenues was one of the factors that affected Milan’s balance sheet heavily. Moreover, there is still no certainty when matches can return to being played with full stadiums.
The other factor is that of television revenues. The stop imposed on Serie A during the lockdown reduced the number of games played until June and thus also the revenues from these rights.
In short, this is a hard blow, but not only for Milan, but every club in world football. Nevertheless, Elliott’s project doesn’t change and goes on. The ownership is solid and has cancelled Milan’s debts.
The goal is now to restore a balance between costs and revenue. Since July, the hedge fund owned by the Singer family has injected approximately 140 million into the club, continuing its cost rationalization policy also through the reduction of the wage bill. And this is the way to go.