OFFICIAL STATEMENT

The Board of Directors of AC Milan has today approved the draft financial statements for the  2019/2020 fiscal year ending June 30 2020, which will be submitted at the Shareholders Meeting scheduled for October 28, 2020.

With the 2019/20 season heavily affected by the global pandemic, there was a negative impact on the Club’s financial performance, one which was already suffering due to the situation inherited from the previous ownership. As a result, the Club registered a full-year net loss of approximately €195m.

The results achieved over the last FY and approved today, when removing the impact of the global pandemic, can be considered significantly improved and in line with the expectations of the Club, which is committed to complying with the FFP. It will take time to transform AC Milan, but the Club and the ownership share the same confidence in the positive path undertaken.

The impact of the health emergency on the Club’s the financial statements is a result of the lack of matchday revenue and the subsequent reduction in commercial activities and lower revenue from  the retail sector (Museum, Store, Casa Milan, etc. ).

Furthermore, the limited number of matches played (10 Serie A 2019/2020) in July and August 2020 also weighed on the accounting records and led to the postponement of part of the accrual of the TV rights for the 2020/21 season.

Finally, it is worth noting that the Club was banned from taking part in last season’s UEFA Europa League, which had a further negative impact that will be recovered in the next financial year.

The constant support of Elliott, which guarantees the financial stability of AC Milan, has however allowed important investments and the effects are expected in the short term. At the same time, the Club launched an effective cost efficiency policy that entailed a significant reduction in player wages and top management salaries.