AC Milan are understood to have agreed to extend their sponsorship deal with airline Emirates, but their recent struggles have forced them to accept lower terms.
Once seen as a global superpower, Milan have endured a challenging few years and no longer boast that reputation. I Rossoneri have not played Champions League football since 2014, and given they currently find themselves 11th in the Serie A standings, that drought does not look like ending any time soon.
As a result of their struggles, Milan are no longer able to command the kind of money which they once were, and Gazzetta dello Sport note that they have been forced to accept a reduced deal to retain Emirates as their sponsor.
Their current €14m-a-year deal will run out at the end of the season, when a new €10m-a-year contract will commence.
By contrast, French side Lyon recently penned a €20m deal with Emirates, with their regular appearances in European competition clearly working in their favour.
Rivals Inter are also thought to be looking for a new sponsorship deal worth at least €25m, but their involvement in both the Champions League and the Serie A title race will make it far easier for them to get that kind of money.
It has been suggested that Milan have accepted a smaller deal because Emirates are also discussing buying the naming rights to the club's new stadium, but that is not thought to be the case here.
Instead, it seems like Milan's struggles have simply gone on for too long. While they remain a well-recognised brand, it is no secret that being associated with Milan does not carry the weight it once did.
Stefano Pioli's side have fallen well behind the likes of Juventus, Inter and Lazio - all of whom are over 20 points clear of Milan - and there does not appear to be a plan to help get them back among Italy's elite.