The former Rossoneri defender has blamed mismanagement for the downfall of the club but believes Italian football is suffering from a wider economic crisis
The legendary defender, who is now part of Montreal Impact's backroom staff, spent a hugely successful decade at San Siro, so he is therefore dismayed by the fact that the club is now facing up to the prospect of going without Champions League football 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 night, 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."