Last updated on .From the section European Football

AC Milan players react at the end of their 3-2 defeat to Inter Milan

AC Milan boss Vincenzo Montella has been publicly backed by the club's board after Sunday's 3-2 derby defeat by Inter Milan.

Mauro Icardi's hat-trick condemned the Rossoneri to their third loss in a row.

"Vincenzo is staying with us," said the club's managing director, Marco Fassone. "When you change this much, as we did, you need time.

"We are starting to see the first positive signs, but Montella will still have time to continue his work."

AC Milan, who were champions of Europe in 2003 and 2007, have failed to finish in the top three in Serie A since 2012-13.

The Italian giants have spent £205m on new signings since Chinese businessman Li Yonghong took control in April last year.

But they have lost four of their opening eight Serie A games this season.

"A false start can happen," said Montella. "But now it's time to work hard to bounce back and climb the table."

Milan next play on Thursday, when they host AEK Athens in the Europa League.