Serie A side Lazio made losses of almost €20 million in the first four months of their financial year.

The loss represents almost half of the club’s capita and under Italian corporate law, a company that loses more than a third of its share capital must formally restate its worth and then call a shareholders’ meeting to approve recapitalisation

Lazio confirmed in a statement they made pre-tax losses of €19.1 million euros in the four months to October 31.

The club will now have to postpone a shareholder meeting which was planned for this week, with the intention of discussing an increase in capital of €70-80 million.

To illustrate the club’s parlous financial situation, the club confirmed last week that they had finally taken measures to pay backdated wages to players, none of whom had been paid this season. The move was intended to avert the exodus of players during the transfer window.

Ironically, despite their off-the-field problems, the club is experiencing its best season on the pitch for several years. Under coach Roberto Mancini, Lazio have climbed to 2nd in Serie A, three points behind leaders Milan.