Marco Fassone’s place on the Milan board has been revoked, together with those of Yonghong Li and David Han Li; Paolo Scaroni is the new President and the interim Managing Director.
A new era has officially begun at Milan today. After 14 months of a Chinese-Milan, the club is now owned by the American hedge-fund, Elliott Management.
Today, the first Elliott-Milan shareholders meeting took place and a new Board of Directors was named.
The meeting started at around 09:10 CET and the first item on the agenda was the removal of several members of the current board. A representative from Rossoneri Sport Investment, the holding-company of Milan, which is now controlled by Elliott, took the floor to speak:
“The assembly calls for the removal of Yonghong Li, David Han Li, Lu Bo, Renshuo Xu and Marco Fassone as administrators of the club for just cause.” The complaints of Elliott with Fassone, who acted as the CEO under the ownership of the Chinese, lie with how he managed contracts within the club, his responsibility in the prospective plans and the structure of the Chinese market. The resolution to removing the aforementioned members was approved by the majority.
The new Board of Directors, which was proposed and approved, consists of: Paolo Scaroni (President of the Board), Marco Patuano who like Scaroni was already on the old board, Frank Tuil, Giorgio Furlani and Stefano Cocirio from Elliott, Salvatore Cerchione and Gianluca D’Avanzo from Blue Skye, and Alfredo Craca from Fivelex. Until something changes, they will serve as the Board until 2020.
A new CEO to replace Fassone was not named. The strong candidates are Umberto Gandini, who was already at Milan in the Silvio Berlusconi era, and Arsenal’s Ivan Gazidis. There are rumours Gandini and Gazidis could work together in a dual-CEO position and will take care of different aspects. Until a CEO is appointed, Scaroni will be acting as the interim Managing Director of the club.
“Just a few words to thank you for coming on a stormy Saturday morning due to the weather conditions,” Scaroni said at the assembly according to ANSA, after Roberto Cappelli, who resigned from his position as an advisor today, took the floor. “If it was a great honor to be a part of Milan for Cappelli, who is a Romanist, then it’s more so for me as a Milanista. Thank you.”
Cappelli said: “Elliott has issued press releases where it announced its intent which we used before the CAS. Elliott has the will to invest in the club with fresh resources and a desire, as shareholders, to use the levers at its disposal to ensure the club meets its commitments & complies with UEFA’s rules.”
After the shareholders meeting took place, the first BoD meeting of the Elliott era took place. Soon a statement will be released to shed more light on what was decided during the meeting.