Saturday July 21 2018
Milan: Dawn of a new era

Milan have heralded ‘the dawn of a new era’ as their new board promises ‘a clear pathway to the Champions League’.

In a statement released on Saturday, Milan confirmed Paolo Scaroni would replace Li Yonghong as chairman, Marco Fassone’s replacement as CEO would be announced ‘in due course’ and that €50m would be injected into the club.

It read: “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 competitiveness 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 signalled its strong support for the club, with an intended capital injection of €50m and believes today’s changes are fundamental to achieving long-term success for the club.”

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