The former Rossoneri defender has blamed mismanagement for the downfall of the club but believes Italian soccer is suffering from a wider economic crisis.
The legendary defender, who is now a part of the Montreal Impact's staff, spent a hugely successful decade at San Siro and is dismayed by the fact that the club might go without Champions League soccer next season.
“This is no longer my Milan,” Nesta told La Gazzetta dello Sport. “It is not the club that could spend and think big. Today, the resources are not there and the field responds accordingly — for Milan and Italian football."
Nesta watched Milan crash out of this season's Champions League on Tuesday, losing 5-1 on aggregate to Atletico Madrid.
The 37-year-old added: "It was a heavy elimination, the product of a generational change that failed because of poor choices. But the discourse is wider. In the golden years, the presidents failed to invest in youth. And then there was the fact that the clubs were not worried about going bust as the bank always came to the rescue. The Italian economy allowed it. But now it doesn’t. And the accounts of football remain in red."