There’s more evidence of the negative impact of the pandemic on football, with Calcio Finanza reporting that AC Milan have suffered record financial losses – but the Elliott Management group are on hand.
It’s natural, with no fans allowed in football stadiums to see their beloved teams take to the field, that many clubs were going to be left with empty pockets this year.
Much has been said about the impact of COVID-19 on clubs in the lower divisions, but it also seems to be having a catastrophic effect on some of Europe’s biggest and wealthiest.
Calcio Finanza report that AC Milan’s loses for the year amount to somewhere in the region between €175M-€200M. That’s an all-time record for the illustrious Italian giants.
With Milan’s struggles on and off the field in recent seasons, that’s the last thing that the fans of the Rossoneri will be wanting to read, but fear not, Milan fans, for the report also claims that €140M has been re-injected into the club since July by the Elliott Management Group
That appears to be an attempt to negate the damage done by the pandemic and expenditure on new arrivals, steadying the ship at the San Siro and ensuring Milan are not knocked off course in their efforts to return to the big time.
Milan belong at the pinnacle of European football, so it’s good to hear that the situation over there is not too grave. Unfortunately for many clubs around the world, though, they will not have backing of giant US hedge funds.
There is a lot of financial hardship ahead for many.