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AC Milan halve financial loss in half despite pandemic

Tue 26 October 2021 | 21:01

AC Milan have reportedly cut their financial losses over the last year, despite the coronavirus pandemic.

The club have reported a loss of $111.8 million for the 2020-21 fiscal year, compared with a $225-million loss last year.

“It is not an easy path and there is still a long way to go — due in no small part to the current crisis that continues to affect the entire sector — but we are turning it around,”

Milan president

Paolo Scaroni

said

.

Inter

and

Juventus

both reported annual losses of more than $250 million last month.

Milan

has emphasized that in order to bridge the gap with the top European clubs it needs its own stadium. It is planning to build one with Inter.

“We want to create an innovative, sustainable and well-liked club, both on and off the pitch,"

Milan CEO

Ivan Gazidis

said.

"We want to get AC Milan back where it belongs, both performing well on the pitch and achieving financial sustainability.”

AC Milan and city rival Inter Milan have continued talks with local authorities over long-standing plans for a new stadium to replace the nearly century-old San Siro. The proposal, partly delayed by the pandemic, is seen as crucial to compete with top European rivals which own stadiums.

“I came out of Monday’s chat with Sala optimistic. He agrees that the city of Milan deserves a top-level stadium,”

Scaroni said.

“I was given reassurances. There are a few details missing. We must start revising things because the timings have changed. But we’re confident and we want to start as soon as possible.”

Scaroni confirmed last month that the stadium will be built in three years.


source: SportMob

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