AC Milan’s FY loss widens to 126 million euros

MILAN: Serie A football club AC Milan’s net loss widened by 53 million euros in the 2017-2018 financial year to 126 million euros (£111 million), the group’s financial statements seen by Reuters showed.

The document, which will be submitted to shareholders for approval on Oct. 25, showed the increase in costs to 354 million euros outpaced that in revenues.

AC Milan declined to comment on the document.

The Milanese club has been taken over by U.S. fund Elliott after former owner Yonghong Li, who last year bought AC Milan from Italian media tycoon Silvio Berlusconi, failed to honour a repayment due to the U.S. firm.

(Reporting by Elvira Pollina, writing by Valentina Za; Editing by Crispian Balmer)

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