Milan statement: “It’s the dawn of a new era at the club, Fassone leaving as CEO, a new business plan will be reviewed”

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The 2018/19 PUMA home kit
The 2018/19 PUMA home kit

Milan have released an official statement, confirming Paolo Scaroni as the Executive Chairman and claiming the goal is Champions League return while respecting UEFA’s FFP rules.

The Chinese are out, and Elliott are in. From today, it’s officially a new Milan: a Milan that is managed by the American hedge fund, who – according to reports – have a 3-year plan to stabilize the club.

Today a shareholders meeting took place to appoint the new Board of Directors. After that, the BoD, headed by the 23rd Milan President, Paolo Scaroni, had a meeting of their own.

At the end of that meeting, the club released an official statement:

“Following last week’s change in ownership, with Elliott assuming control of the club, AC Milan today elected a new board (the ‘Board’) at a shareholder meeting today in Milan, signaling the dawn of a new era at the club. The new board is comprised of Paolo Scaroni, Marco Patuano, Franck Tuil, Giorgio Furlani, Stefano Cocirio, Salvatore Cerchione, Alfredo Craca and Gianluca D’Avanzo.

Eni’s Ceo Paolo Scaroni reacts during a press conference at the foreign press club on March 23, 2012 in Milan. AFP PHOTO / GIUSEPPE CACACE (Photo credit should read GIUSEPPE CACACE/AFP/Getty Images)

“With immediate effect, Marco Fassone is leaving as CEO of the club. Existing Board member Paolo Scaroni has been elected Executive Chairman and empowered to oversee the management of the club on an interim basis, before the appointment of a new CEO. An announcement on the appointment of a new CEO, who has been identified, will be made in due course.

“The Board will reconvene shortly to review a new business plan for the club, which presents a clear pathway to regaining Champions League status. The Board will also review a new budget for the club. The goal of this will be to strengthen the competiveness of the team, in compliance with UEFA Financial Fair Play regulations. As made clear in yesterday’s decision by the Court of Arbitration for Sport to overturn UEFA’s Europa League ban, “The Panel … noted in particular that the current financial situation of the Club was now better, following the recent change in the Club’s ownership.”

“Elliott has already signaled its strong support for the club, with an intended capital injection of €50 million and believes today’s changes are fundamental to achieving long-term success for the club.

Elliot Management Corporation Founder and President, Paul Singer, speaking onstage during The New York Times DealBook Conference at One World Trade Center on December 11, 2014 in New York City. (Photo by Thos Robinson/Getty Images for New York Times)

“Paolo Scaroni, Executive Chairman said: ‘I am humbled by the opportunity to lead AC Milan’s Board of Directors, and grateful for the trust and support of my fellow Board members. This is a critical moment in the club’s storied history, and we’re all grateful to have a new owner committed to return AC Milan to its former glory. At the Board level, we will do everything possible to put the coach and the players in a position to succeed. There is considerable hard work ahead, and we are eager to build upon today’s momentum.’

“Paul Singer, Founder, Co-CEO and Co-CIO of Elliott Management Corporation said: ‘The election of a new Board marks another step forward in getting AC Milan back on track. Elliott is well positioned to deliver financial stability and proper oversight, the building blocks of on-field success and a world-class fan experience. We recognize the prominent place AC Milan occupies in the football world and are cognizant of the responsibility that comes with owning such a storied franchise.'”

It now remains to be seen who will be the new CEO of the club and what additional changes the new ownership has in store. Fans certainly hope that under this leadership, the old Milan can return.

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Dollar
Dollar
3 years ago

My Milan will be back to retain her position as the face of Italy in Europe..

Ronni
Ronni
3 years ago

Elliot will destroy milan.

Ali
Ali
3 years ago
Reply to  Ronni

No they won’t because they need Milan at its best if they want to make a profit.

Naz
Naz
3 years ago
Reply to  Ali

I’m inclined to think Elliot won’t destroy Milan and I think Ali is right in saying a healthy competitive Milan is worth a lot of money but we also need to be realistic here and remember that Elliott didn’t actually put in a lot of money to become the new owners they merely repossessed it from Li for the sake of 2 or 3 hundred million which he borrowed from them so there not exactly in negative equity as the club the way it stands right now is probably worth around 500 million I can’t see them spending huge sums… Read more »

Joe
Joe
3 years ago
Reply to  Ronni

Dude, you have no clue about Elliott so please refrain from making dumb statements.

Baresis Dream
Baresis Dream
3 years ago
Reply to  Ronni

I fear the same; they will try to get it back on track first, but if that doesn’t work they will strip Milan to scraps.

shucia
shucia
3 years ago
Reply to  Ronni

Don’t something like that without explaining your reason.

Ted
Ted
3 years ago

Finally someone with a longterm business plan to be sustainable, that’s where you start building your foundations

And since a lot of people say Elliott will destroy the club. No, they are a hedge fund, vulture business, meaning to invest and to increase the value of the asset to make a profit out of it

SpagaRossonero
SpagaRossonero
3 years ago
Reply to  Ted

Vulture business would indicate that they indeed want to strip Milan for parts, and make profit. What you intended to say (I assume) is that they are VENTURE capitalists… They are investing in future of the club. Which we all hope is true.

Baresis Dream
Baresis Dream
3 years ago

Optimism is good, and these guys are saying all the right words. But –

1. CL will be very hard with the current squad, especially since we Europa-nothing league again to distract us.

2. If things don’t work out in the CL front, nothing will stop these guys from getting there investment back by selling our top players one-by-one.

Dangerous times for Milan my friends.

Naz
Naz
3 years ago
Reply to  Baresis Dream

Hey Baresis Dream how’s things? What your saying is exactly what a vulture fund is and there’s none bigger in the world than Elliot but I for one would rather be in there control than Li’s I also think its more important to gain champions league football for economic reasons at the moment than just the prestige of it because I genuinely fear for what happens if we don’t and Elliott decides to get there money back through inpatients or because they can but I also have a feeling that given how little they actually took control of the club… Read more »