AC Milan chief Adriano Galliani has defended the club's finances.
Milan held their shareholders' meeting yesterday.
"The loss is of 91.3m, but with the usual criteria normally present the loss would have only been of 46.6m," explained Galliani.
"Two events contributed to the higher loss: the lack of Champions League football and the different fiscal accounts of Finivest (Berlusconi's parent company) with AC Milan.
"As of 2013 Milan have been walking on our own feet and cannot count on the tax breaks derived from the controlling company.
"Even the entire wage of the former Coach (Clarence Seedorf) until 2016 has been entirely absorbed in the 2014 budget.
"Above all Finivest covers all the losses and it covers them for the small shareholders as well. No one has ever done more for Milan than Finivest and I know that when you are winning you think you can always win, but in football when you win you will eventually stop winning and when you lose you will eventually stop losing.
"Obviously there are transfer moves to be made and we will try to do just that."