Milan released a statement ahead of tomorrow’s expected FFP verdict outlining their work to balance the books and demanding “equal rules for all.”
UEFA are expected to ban the seven time European Cup winners from European competition for at least one year, perhaps two, with a fine somewhere between €10-30m for violating their Financial Fair Play limitations.
They were denied both a voluntary agreement and settlement agreement with UEFA, who felt there wasn’t enough financial stability guaranteed by owner Yonghong Li – who this week failed to meet a deadline to pay €32m, so it was covered by US hedge fund Elliott Management.
Milan released a video on their official Twitter account this evening with some facts and figures.
“Awaiting the UEFA sentence, we want to share with you all some substantial facts. We expect equality, judgement based on the facts and equal rules for all.
“Last April, Milan were fighting (and suffering) for a place in the Europa League, earned on the final day of the season. Since then, we have renovated the squad, putting together the youngest side in Serie A and the fourth youngest in Europe (average age 24.6).
“We invested more than €200m to open up a new era. A year later, the value of the investment remains unaltered and the value of the squad is the third highest in Serie A.
“We secured qualification to the Europa League group stage and reached two Finals of the Coppa Italia (both senior squad and youth team).
“We are requalifying the Milanello training ground and taking part in the next season of the Women’s Serie A league. We adhered to the initiative of the FIGC on B-Teams and, if included in the list, will participate in the next Lega Pro season with our Under-21 side.
“We immediately worked to make the organisation more efficient so we could run it in a virtuous manner. Despite the fact that after the ‘closing’ two main sponsors (Audi and Adidas) resolved their contracts with Milan, we still closed the balance sheet with €20m more in revenue.
“The Milan EBITDA (Earnings before interest, tax depreciation and amortization), including summer transfers, will be positive to the tune of €28m and €50m better than the previous year, meeting the target set in the business plan we presented to UEFA.
“We lowered the operating costs by €6m. Our majority shareholder increased the capital over the course of a year by €88m (not with loans), elevating the value of the club. Milan have always respected deadlines.
“All of these facts are inspired by a single mantra: work for the future of Milan, an added value for world football.
“Milan are ready to pay for the errors made in the past. We have the utmost respect for the rules, but we expect equality. Judgement must be based on facts and equal rules for all.”