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.
“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.
“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.