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Losses widen at AC Milan

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Adriano Galliani, the chairman of Italian soccer club AC Milan, warned that his club would move further and further into debt if player wages continue to rise.

"If something is not done, next year's accounts for clubs will be even worse," Galliani warned on the day his club announced that losses for the year to June 30 widened to $32.3m (B35.6m) compared with a loss of just $1.8m (B1.99m) for the equivalent period last year.

The increased losses come despite news that turnover at the club rose by 15.8 percent to $149m (B164m).

Elsewhere in Serie A, the president of AS Roma has lent the club $57m (B62.6m) in order to help the finances of the club and Udinese bucked the trend by confirming that it ended its financial year in the black thanks to the sale of key players to Lazio during the summer.