New era underway at Milan – the statement

After a short-lived era under Yonghong Li, AC Milan is officially under new management.

Management firm Elliott has now become the majority shareholder of the Rossoneri.

The new ownership released the following 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, signalling 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.

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

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