AC Milan have blamed former Fiorentina striker Daniel Osvaldo as the main cause of their deficit doubling to almost £60m.

The club could have saved £33m had they qualified for this season's Champions League but they were knocked out by Fiorentina.

Vice-President Adriano Galliani has blamed his club's woes on Osvaldo whose deciding against Torino last season propelled the Viola above Milan. The Argentinean is now playing for Bologna.

Galliani even joked he should have 'bought the player directly and saved money'.

"To have a balanced budget, Milan absolutely need to play in the Champions League every season and go as far as possible," added Galliani.

The Rossoneri also failed to make much of an impact in the UEFA Cup, going out to Werder Bremen in the third round.