AC MILAN have had their transfer plans severely dented after revealing huge losses at a shareholder's meeting today.
The Italian giants, who boast seven European Cup titles, posted a loss of £65.3million (€91.3m) in 2014.
CEO Adriano Galliani explained the lack of Champions League football and a commitment to pay off future losses was to blame for the figure.
Milan have come under criticism for their failures in recent seasons under owner Silvio Berlusconi, who took over the club in 1986
His reign is being compared to Giuseppe Farina management of the San Siro giants in the 1970s and early '80s, where they won just one Serie A title.
"As of 2013 Milan have been alone and cannot count on the tax breaks derived from (Berlusconi's) controlling company (Fininvest)," Galliani said.
"Even the entire wage of the former coach until 2016 has been entirely absorbed in the 2014 budget.
"The parallels between Farina's Milan and Berlusconi's Milan are that since 1999 we have competed in the Champions League 13 times and that we were playing in the Champions League until last year.
"(Former coach Massimiliano) Allegri managed to take the team to first place, second place and then third place in the league and on every occasion we qualified for the knock-out stages of the competition.
"They are good results. Last year in the second half of the season we managed to pick up 35 points, which is also good.
"This year things are not going well and I think any comparisons with Farina's Milan is unkind considering the 28 trophies we have won. History will always remember that."
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