Scaroni named as the new President of the Milan Board of Directors, Fassone and the Chinese have been removed

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Paolo Scaroni speaking at the headquarters of the Venezuelan state-owned oil and natural gas company PDVSA in Caracas, on November 22, 2010. (JUAN BARRETO/AFP/Getty Images)
Paolo Scaroni speaking at the headquarters of the Venezuelan state-owned oil and natural gas company PDVSA in Caracas, on November 22, 2010. (JUAN BARRETO/AFP/Getty Images)

Marco Fassone’s place on the Milan board has been revoked, together with those of Yonghong Li and David Han Li; Paolo Scaroni is the new President and the interim Managing Director.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.

Han Li (L), Yonghong Li (C) and Marco Fassone (R) during a press conference at Casa Milan on the 14th of April 2017. (@acmilan.com)

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.

Paolo Scaroni and Vladimir Putin during their meeting at the government headquarters in Moscow, on April 25, 2012. (ALEXEY DRUZHININ/AFP/Getty Images)
Paolo Scaroni and Vladimir Putin during their meeting at the government headquarters in Moscow, on April 25, 2012. (ALEXEY DRUZHININ/AFP/Getty Images)

“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.

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Milanista121
Milanista121
3 years ago

uhm…what happens to Mirabelli? Think Fassone still has done more to warrant a stay than what Mirabelli has…?
Arsenalfans dont like Gazidis, not sure if I want him.

Martin Bernhard
Martin Bernhard
3 years ago
Reply to  Milanista121

Hey Milanista121 I think both of them did a pretty solid job and atleast for the majority of their interviews tried to be transparent to the fans, but obviously they have also had their hands tied in some situations. I think we had a pretty amazing transfer window last summer and maybe where they did make some mistakes was buying bonucci as we already had aquirred mussacchio and silva as that Cash could have been invested more wisely as well. When that is said i dont blame them buying neither of them and atleast bonucci was a chance they couldnt… Read more »

Milanista121
Milanista121
3 years ago

Hey man, nice comment! They have both definitely worked hard and been transparent absolutely, but regarding Mirabelli and the market, I feel that some transfers, as you yourself pointed out, could’ve been done better. Although all the blame shouldn’t be shifted to them as I guess they talked to Montella and he gave them the green light, and we all know how confused he was regarding formations etc.
What do you think of the new management and Leonardos name being mentioned?

Martin Bernhard
Martin Bernhard
3 years ago
Reply to  Milanista121

Thanks for the kind Words much appreciated,. Well i really liked him as a player and he did also bring in some great South American talents to the Club later on but on the other hand he also made some glaring mistakes later on. Not only joining inter but to my recollection wasnt he also the sporting director of psg WHO pretty much dismantled our team for years to come by buying silva and ibrahimovic ? I think it will be a problematic move atleast in regard of the curva sud but truth be told i dont put much emphasis… Read more »

Ink
Ink
3 years ago

A correct decision to remove Fassone, but Mirabelli needs to go too.
Fassone’s failure was the failure at his main task – creating business model to tap into the Asian market which he failed to do. I don’t see any growth of Milan in Chinese market.

Joe
Joe
3 years ago

It was right to remove Fassone and Mirabelli would also go. Everyone should go – out with the old and in with the new. I think this is an exciting time for Milan, huge and financially stable company took over and I have hope they will bring Milan back to the top.