Reports: Milan closed the financial year of 2020/21 with a loss of €96.4m, a big improvement over the previous year | OneFootball

Casa Milan on April 24, 2019. (Jonathan Moscrop Sportimage)

Milan have made very big steps forward financially over the last term, as they report losses of €96.4m.

The sporting project of Elliott and of Milan is bearing fruit, as evident by watching the boys of Stefano Pioli every three days on the pitches of Serie A and now also that of the Champions League.

But the financial project, led by CEO Ivan Gazidis and President Paolo Scaroni, also appears to be working well for Milan.

As reported by Calcio e Finanza’s Marco Sacchi, and then confirmed by Milannews.it’s Pietro Mazzara, Milan closed the financial year on June 30, 2021, €96.4 million in the red. This is a huge improvement over last year, as in 2019/20, Milan reported losses of €194.6 million.

Last year’s budget was heavily impacted by the Coronavirus with revenues dropping to €192m, also due to the lack of European football in 2019/20, and costs increasing to €378m. However, the management managed to “reverse the trend”, significantly reducing losses compared to last year. The financial project rose together with the sporting one of Paolo Maldini and Frederic Massara.

Paolo Scaroni and Ivan Gazidis during training at Milanello. (@acmilan.com)

Milan meanwhile continue to not have any debts to the banking system and no bond debts. In addition, they were able to spend around €70m in the last mercato. “We were among the few in the world in a position to invest in the summer, Milan are growing from an economic point of view“, Gazidis, who is currently in the United States, said in an interview with il Corriere della Sera.

The thing the Rossoneri truly miss, as they do many other clubs, is a club-owned stadium. Scaroni is pushing hard to get the project approved, but Italian bureaucracy is proving to be an issue.