Elliott has taken control of Milan and its founder, Paul Singer, seems intent on keeping it for more than a few months. The fund "is impatient to take on the challenge of realizing the club's potential - writes Singer - and to return it to the pantheon of the top European football clubs to which Ac Milan rightfully belongs. Elliott strongly believes there is an opportunity to create value at AC Milan."
The same note explains that the holding which owns 99,93% of AC Milan passed into the hands of the fund following the default of Li Yonghong, never mentioned in the press release except as the "previous owner".
Elliott specifies that he has a “clear vision” for Milan: “Create financial and management stability; achieve long-term successes for AC Milan starting from the foundations, making sure that the club is adequately capitalised; and conduct a sustainable operating model that complies with UEFA's rules on Financial Fair Play".
It is not excluded that there is a strategy to try to obtain from the CAS the annulment of the one-year ban from the European cups, decided by UEFA not only for the budget violations in the last three years of the Berlusconi era, but also for the lack of credibility of the economic plans presented and for doubts about the solidity of the Chinese ownership.
In about ten days, Singer will revolutionize the board of directors and probably the management of the Rossoneri club, including, for example, Paolo Maldini and Umberto Gandini. Gennaro Gattuso will remain on the bench, but the fund also intends to strengthen the team: "As a first measure, Elliott will contribute 50 million euros of equity to the club to stabilize its finances and plans to make additional capital over time to finance the growth of AC Milan ”.
