Berlusconi dips into own pocket to cover 67.3M AC Milan shortfall
AC Milan president Silvio Berlusconi has dipped into his own pocket to cover a shortfall at the club.
The shareholder's meeting was held yesterday and it was confirmed the club raised its income from 253.2m in the previous year to 266.8m.
However, this still meant the Rossoneri ran at a loss of 67.3m, down from the gap of 69.8m in 2010.
"The losses are completely covered by the Fininvest company," explained Vice-President Adriano Galliani.
"I feel the need to thank the passion of President Berlusconi. You cannot stay at the top of Italian football just with income alone, even if Milan have the highest income, especially in commercial terms.
"The stadium is what it is. The television rights are sold by the Lega Serie A and UEFA, while we had an increase in income from the Champions League, but a decrease in the League because of the Melandri law.
"Unfortunately in Italy all the top clubs lose money and the small ones make a profit, because the costs remain and the income is divided collectively. We are talking about a balance sheet from a year in which we won the Scudetto and Italian Super Cup."