STOCK MARKET BSE NSE

Cash-strapped AC Milan say financial losses down

The consortium took 99.93 percent of AC Milan's shares and also bought out its debt, which stood at 220 million euros on June 30, 2016.

Published: 28th February 2018 12:25 PM  |   Last Updated: 28th February 2018 12:25 PM   |  A+A-

For representational purposes (Photo | Nigeria Newsdesk Twitter)

By AFP

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.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp