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AC Milan presents its 2019-20 accounts with losses of 195 million.

The Board of Directors has approved the club’s accounts for the 2019/20 season and they reflect the crisis caused by the coronavirus pandemic.

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In a note made public by AC Milan, the Board of Directors has declared a net loss of 195 million euros corresponding to the 2019/20 season, a result that does not escape the crisis caused by COVID-19 and that it sees how another of Europe’s greats succumbs to the economic impact that the pandemic is causing on sport in general.

The Board of Directors plans to present the accounts at the General Shareholders’ Meeting scheduled for October 28, an event in which they will try to explain what happened throughout a season that is proving atypical in all areas.

Another cause that the current Council attributes to the economic situation of AC Milan is the legacy left by the previous management team, a circumstance that they hope to reverse in the future since if we did not take into account the impact of COVID-19, the results they can be considered significantly improved and aligned with the expectations of the current Board of Directors.

Regarding the business lines that have been most affected and that consequently have decreased their income level, we can find box office sales, commercial activity with sponsorships at the head, and the activity of the retail sector such as the official store, the museum or the Milan House.

To this, we must add that AC Milan did not participate in European competition either, so this fact is devastating for a club of the nature of the “Rossoneri” team.

On the other hand, the accounting record of part of the broadcasting rights for the 2019/20 season has also been postponed to the new season since part of the matches corresponding to the previous season were played in July and August for Taking into account that a soccer club closes its accounting year on June 30, it cannot allocate all the income from television rights to the season that corresponds in this case.

However, the financial support of its owner, Paul Elliot Singer (Elliot Management Corporation), has made it possible to face the loss situation thanks to a new contribution that has just been made, in addition to an adjustment in the salaries of the sports area (including players), and the senior management of the club, and that will undoubtedly help to counteract the negative effects of the circumstance caused by the coronavirus and to continue managing AC Milan to return it to the place that a club with its roots and history deserves.

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SPORTS

Arsenal star, Aubameyang fined $10,000 by CAF for social media posts

CAF has slapped Arsenal captain and Gabonese striker, Pierre Aubameyang with a fine over “offensive” social media comments.

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Arsenal Captain, Pierre Emerick Aubameyang, has been slapped with a fine by the Confederation of African Football (CAF) after his posts on social media were deemed “offensive and degrading”, by the governing body.

Last month, during the international break, the Arsenal star posted a string of stories on his Instagram handle when he and his teammates were delayed in the airport for more than five hours ahead of an Africa Cup of Nations qualifier against The Gambia.

The delay led to them sleeping on the floor in the airport and eventually when they left, they had only 10 hours to the match and lost the match 2-1 against The Gambia.

The Arsenal star went ahead and posted a series of photos on his Instagram handle where he wrote:

“Since 11.30pm. still waiting in Gambia and we play tomorrow at 4pm.”

“Nice job CAF, it’s as if we were back in the 1990s.”

“This will not demotivate us but people need to know and CAF needs to take responsibility. (It is) 2020 and we want Africa to grow but this is not how we will get there.”

A statement from CAF read: “Mr. Pierre Emerick Emiliano François Aubameyang has publicly published offensive and degrading material that undermines the honor and image of the Confederation of African Football.”

In terms of Articles 10, 11, 43.1, 46, 82 of the Disciplinary Code. “The CAF Disciplinary Board decided to impose a fine of 10,000 USD for breach of the values of sportsmanship and integrity on the Gabonese Football Federation for the regrettable behavior of the player.”

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Arsenal becomes first premier league club to commit to UN Sports for Climate Action Framework

The Gunners have become the first Premier League club to commit to the UN Sports for Climate Action Framework.

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Arsenal FC, top-flight London club in the English premier league becomes first premier league club to commit to UN Sports for Climate Action Framework, and reinforces its commitment in tackling climate change, after being ranked as the most sustainable Premier League club in a 2019 study by BBC and the United Nations, backed by Sport Positive Summit.

The UN initiative aims to bring together the global sports community with a commitment to align with the goals of the 2016 Paris climate agreement, which includes “to keep the increase in global average temperature to well below 2 °C (3.6 °F) above pre-industrial levels, and to pursue efforts to limit the increase to 1.5 °C (2.7 °F) – recognizing that this would substantially reduce the risks and impacts of climate change,” amongst the rest.

The signatories to this initiative include FIFA (Federation Internationale de Football Association), the FA (Football Association), the IOC (International Olympic Committee), and Sky Sports. Apart from aligning with the goals of the Paris agreement, Arsenal also supports the ambition to achieve climate neutrality by 2050.

The initiative aims to achieve its ambition by adhering to five principles which are:

  • Undertaking systematic efforts to promote greater environmental responsibility.
  • Reducing overall climate impact.
  • Educate on climate action.
  • Promote sustainable and responsible consumption.
  • Advocate for climate action through communication.

What they are saying

Arsenal’s Operations Director, Hywel Sloman, said: “Arsenal is committed to leading the way on sustainability among Premier League clubs and we are proud to be the first club to sign up to the UN Sports for Climate Action Framework.

“Together with our partners, we’ve already implemented a number of environmentally-friendly practices across the club. This includes becoming the first Premier League club to switch to 100 per cent green electricity since the beginning of our partnership with Octopus Energy in 2016, and a new partnership with aluminum packaging company, Ball Corporation, which is designed to help us and our millions of fans around the world reduce our impact on the environment.

“We will continue to use the power and reach of Arsenal to inspire our global communities and push each other towards a more sustainable future.”

Lindita Xhaferi-Salihu, Sports for Climate Action Lead at UN Climate Change, said, “Football inspires so many of us around the world and there is a remarkable potential for the game to become greener, more climate resilient, and lead by example for millions of global fans. We are delighted to welcome Arsenal as the first Premier League club to the UN Sports for Climate Action community, as we raise awareness of climate change and use this opportunity to make a difference together.”

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Barcelona and Rakuten extend partnership for 2021/22 Season

Rakuten has renewed its partnership with the Spanish football giant, Barcelona for an additional season.

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FC Barcelona has extended its sports sponsorship deal with Rakuten, a global leader in internet services headquartered in Japan, for the 2020/21 season.

The Japanese e-commerce firm, Rakuten will remain as FC Barcelona’s Main Global Partner and Global Innovation and Entertainment Partner, and its brand name will continue to appear on the front of the first team shirt in the 2021/22 season.

The deal began in the 2017-18 season and is due to expire on June 30, 2021. The deal has an option of a fifth year which was available in the original agreement that was executed.

The deal was activated by Josep Maria Bartomeu’s board, before Josep’s resignation in October, and the deal is not reviewable by whoever wins the forthcoming election.

The initial agreement was €55million per year but can rise to €61.5million should all bonuses triggered by winning the Laliga and the Champions League be fulfilled. However, according to reports, the agreement has been reduced due to the financial impact of a post-covid world.

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