MILAN (AP) — AC Milan has cut its financial losses in half over the last year, despite the coronavirus pandemic.

Milan reported a loss of 96.4 million euros ($111.8 million) for the 2020-21 financial year at a shareholders meeting on Tuesday. That compared to losses of 194 million euros ($225 million) last year.

“It is not an easy path and there is still a long way to go — due in no small part to the current crisis that continues to affect the entire sector — but we are turning it around,” Milan president Paolo Scaroni said.

Inter Milan reported an annual loss of 245.6 million euros ($285 million) last month, the highest ever for a Serie A club, while Juventus announced a 210 million euro ($250 million) deficit.

Milan was able to offset its losses from matches played without fans by a rise in TV rights income and an increase in sponsorship sales. The team finished second in Serie A.

“We want to create an innovative, sustainable and well-liked club, both on and off the pitch," Milan CEO Ivan Gazidis said. "We want to get AC Milan back where it belongs, both performing well on the pitch and achieving financial sustainability.”

Milan emphasized, however, that in order to bridge the gap with the top European clubs it needs its own stadium.

The Rossoneri are planning to do that with Inter. Both clubs met with Milan Mayor Giuseppe Sala — who was reelected this month — on Monday. The imminent end for Milan’s iconic San Siro was announced in 2019.

“I came out of Monday’s chat with Sala optimistic. He agrees that the city of Milan deserves a top level stadium,” Scaroni said. “I was given reassurances. There are a few details missing. We must start revising things because the timings have changed. But we’re confident and we want to start as soon as possible.”

Scaroni told The Associated Press last month that the stadium will be built in three years and that the club will be ready to break ground on the project by the end of next year.

The opening ceremony for the 2026 Winter Olympics is scheduled for San Siro.