MILAN (Reuters – AC Milan has halved losses for the fiscal year that ended June 30, as AC Milan’s better pitch performance boosted television revenues and reduced pandemic risk, the club said Tuesday.

Elliott Investments, the U.S.-controlled investment fund, managed the European seven-time champions. The full-year loss was 96.4 millions euros, down from 194.6 million last year.

The club stated that “positive sports performances in the domestic league, and participation at UEFA Europa League increased audiovisual rights income by about 75 million euros,” in a statement released after the annual shareholder meeting.

The AC Milan TV rights revenues totalled 63.4 millions euro in the previous year.

COVID-19, according to the club’s estimates, reduced 2020-2021 revenues by 55 MILLION EUROS.

AC Milan, which finished second in Italy’s highest flight soccer league, qualified for Champions League after playing in the UEFA Europa League last season. After nine matches, the Rossoneri (as the team’s nickname) are at the top of Serie A.

AC Milan announced that it was withdrawing from the project to form a Super League, along with 11 other top European clubs, in April. Under massive pressure from soccer officials, politicians, and fans the scheme was canceled.

AC Milan and Inter Milan, a city rival, have resumed discussions with local authorities about long-held plans to build a new stadium that will replace San Siro’s nearly 100-year-old San Siro. Partly delayed by the pandemic it is crucial for AC Milan and Inter Milan to be able compete with European top-tier rivals who have their own stadiums.