MILAN: Chinese-owned AC Milan on Tuesday said losses for the first half of the season up to December 31, 2017 were down to 22.3 million euros ($27.3m) from 39.4 million ($48m) for the same period in 2016.
After more than 30 years in the hands of former Prime Minister Silvio Berlusconi, a glorious period which saw the club win 29 trophies including five European Cups, AC Milan were sold on April 13 last year to a group of Chinese investors led by Li Yonghong for 740 million euros ($911 million).
The consortium took 99.93 percent of the club's shares and also bought out its debt, which stood at 220 million euros on June 30, 2016.
Li invested a further 230 million euros during the summer transfer market in a bid to reach the Champions League next season.
"Net financial debt ... amounted to 165 million euros, against 141.2 million euros as of June 30, 2017. An increase due to the summer transfer campaign," the club said after approving financial statements up to the end of 2017.
Financial charges rose to 9.8 million euros from 2.5 million euros, "linked to ongoing loans with the Elliott group" who lent more than 300 million euros to finance Li's purchase.
The seven-time European champions, who have a massive loan for repayment and are in trouble with Financial Fair Play restrictions, confirmed that the Bank of America Merrill Lynch (BAML) had been given the mandate last month to refinance debts.
The club struggled earlier this season but under new coach Gennaro Gattuso are now just seven points off the Champions League places, and still in the running for the Europa League and Italian Cup.