Milan announce losses
The consolidated loss is set to be covered by a €22m investment from Fininvest - a financial holding company owned by the Berlusconi family that holds the controlling stake in the Serie A club.
The club also revealed earnings had dipped from €275.9m to €274m.
A statement on Milan's website on Wednesday read: "The figures relate to all three companies within the Milan Group: AC Milan, Milan Entertainment and Milan Real Estate.
"Accountancy firm Ernst & Young have confirmed that the balance sheet accurately reflects the club's situation.
"The positive tendency as far as wage pressure goes is continuing. The total amount has been reduced from €176.4 million to €144 million while general costs have been reduced by €4 million.
"Earnings have dropped from €275.9 million to €274 million."
Club vice-president Adriano Galliani commented: "The year that this balance sheet refers to is 2013 when we came third in the league and got through the group stages of the Champions League and that was a good year.
"The club is respecting the UEFA Financial Fair Play rules."
Milan have endured a difficult 2013-14 on the pitch - Clarence Seedorf's men are eighth in Serie A - and a failure to qualify for next season's UEFA Champions League will have financial implications.