AC Milan report turnover of €278.7m (down 15.4%) and net loss of €15.7m (up 127%) for 2013

Gruppo Milan, the holding company of AC Milan (Serie A), had a turnover of €278.7m in the 2013 financial year (from 01/01 to 31/12/2013), according to the club's consolidated accounts, which were approved by its board of directors on 13/03/2014. This amount is €50.6m, or 15.4%, less than in fiscal year 2012 (€329.3m).

Milan's audiovisual revenues fell by €20.3m (-14.5%) from 2012 (€139.8m) to 2013 (€119.5m), mainly due to a less successful performance in the Champions League (quarter-finalists in 2011-12, versus making it to the round of 16 in 2012-13). Gains on player trading were down €29.3m, a 54.8% drop from 2012 (€53.4m) to 2013 (€24.1m). In the 2012 off-season, AC Milan sold Thiago Silva (€41m) and Zlatan Ibrahimovic (€20m) to Paris Saint-Germain (Ligue 1), generating from these two players, respectively, gains of €35.3m and €8m.

Milan's expenses were at €278.7m on 31/12/2013, a decrease of €46.6m, or 14.3%, compared to 2012 (€325.3m). AC Milan's payroll was at €151.3m and represented 54.3% of the club's 2013 revenues and expenditures (versus 55.8% of revenues and 56.5% of…