AC Milan have announced record losses of €126 million (£111m/$146m) for the 2017-18 financial year.
The club's latest statement shows a €53m (£46m/$61m) drop on the previous year and brings the club’s consolidated losses over the last 14 years to over €730m (£639m/$845m), with €460m (£403m/$533m) of that total accounted for in the last five years.
Milan published half-year accounts earlier this year which showed a six-month loss of only €22.3m (£19.5m/$25.8m) against €39.3m (£34.4m/$45.5m) for the same period 12 months earlier.
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Since then, however, Milan have undergone a change in ownership, with US hedge fund Elliot assuming control of the club after Li Yonghong missed deadlines to repay the company loan fees he had taken to complete his takeover of the club from Silvio Berlusconi in 2016.