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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

Chelsea winger, Victor Moses set to join Spartak Moscow on a season-long loan with an option to make the move permanent for £8million

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Chelsea and Nigerian winger, Victor Moses is set to complete his loan move to Spartak Moscow with an option to make the deal permanent for £8million.

The 29-year-old who spent the second half of the 2019-20 season at Inter Milan is expected to seal the deal in few days with the Russian transfer window closing in a week time.

According to Russian site, Championat, the deal could see Moses earn over 50,000 pounds per week.

The move will be his sixth spell away from Stamford Bridge after joining the club in 2012.

Moses who enjoyed a successful season in a Chelsea shirt during Conte’s reign with the manager converting him to a right wing-back, made his last appearance in a Blue shirt in September 2018.

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