If you aren't familiar with this site, he does exhaustive reviews of various clubs' finances, looking at the finer details of revenues and expenditures, and more often than not explaining how a particular team is spending themselves to death.
I figured Milan was running huge deficits every year, but nothing on this sort of scale.
"If we exclude tax movements and profit from player sales, then the adjusted loss for Milan over the last four years would add up to a colossal €386 million with three of those four years coming in over the €100 million mark."
Of course the sale of Kaka offsets this substantially, but it underlines the fact that they're fielding a world-class squad (and payroll) without the revenues necessary to pay for it. Better hope the ownership maintains its ability to be obsessively generous in the upcoming years.