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Serie A Side AC Milan Announces €89.3M In Losses For '15

Serie A side AC Milan recorded a loss of €89.3M over the financial year '15, "with holding company Fininvest vowing to cover the deficit in its entirety," according to SOCCER WAY. The club announced its financial results "during Thursday's shareholders' meeting." In a statement, the club said, "Milan announced a loss of €89.3M over the financial year 2015 at Thursday’s shareholders' meeting at Casa Milan." Milan "spent big in the transfer market" ahead of the '15-16 campaign, with the signings of Alessio Romagnoli, Carlos Bacca, Luiz Adriano and Andrea Bertolacci. But its investments "have yet to pay off" as it currently sits sixth in Serie A, and the club faces "a battle in the final weeks of the campaign for the final European place." However, GM Adriano Galliani has "stressed the board of directors are determined to turn things around." Galliani said, "The club has a long-term strategic plan with regards to Financial Fair Play" (SOCCER WAY, 4/28). ESPN's Ben Gladwell reported the club's minority shareholders "gave the club's majority owner Fininvest, led by Silvio Berlusconi, a grilling." However, there "was no news about a reported takeover of the club by Chinese investors." Galliani had to "bring proceedings to a halt for over an hour and a half to allow him to consult" fellow GM Barbara Berlusconi and prepare answers for "angry shareholders." When he returned to deliver an explanation -- citing mainly UEFA's Financial Fair Play rules, which Milan has not needed to observe for two years as it has not been involved in European club competition, and the extra costs of the Champions League final being staged at the San Siro -- a statement "was read out by the minority shareholders, demanding change." The statement said, "What has happened over the past five years of dramatic management of our club, of which recent events are emblematic, shows that the club is losing its identity." However, as minority shareholders "do not make up even one percent of the club ownership, the decision to approve the financial results and confirm the management currently in force was passed by Fininvest's majority" (ESPN, 4/28).

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