Elliott Management have taken over Milan and wholesale changes are expected, including Paolo Scaroni as President, but Rocco Commisso's entourage are doubtful.
The American hedge fund officially repossessed the club’s holding company after Yonghong Li defaulted on a debt of €32m, not even reaching the October deadline to repay the full €303m plus interest loan he used to purchase the side in April 2017.
Elliott Management have taken over Milan and wholesale changes are expected, including Paolo Scaroni as President, but Rocco Commisso's entourage are doubtful.
The American hedge fund officially repossessed the club’s holding company after Yonghong Li defaulted on a debt of €32m, not even reaching the October deadline to repay the full €303m plus interest loan he used to purchase the side in April 2017.
They released a statement insisting they’d steer the club back on track and the first step, according to Calcio e Finanza and Milano Finanza, is to appoint Paolo Scaroni as the new President.
He is currently the Vice-President of Rothschild and already on the Milan Board of Directors, so it’d be a relatively simple step up.
CEO Marco Fassone and director of sport Massimiliano Mirabelli are on the chopping block too, but Coach Gennaro Gattuso was named specifically in the Elliott Press release, so is considered safe.
Rossoneri legend Paolo Maldini has repeatedly been linked with a return to San Siro, perhaps in a Vice-Presidential or directorial role similar to the one Javier Zanetti currently has with Inter.
Meanwhile, it seems Rocco Commisso – owner of New York Cosmos – isn’t happy with the takeover talks with Yonghong Li that were completely abandoned once Elliott took over.
The COO of New York Cosmos, Erik Stover, sent several Twitter messages regarding the Elliott pledges.
“Does any Milan supporter believe a word of this statement? Private equity firms aren’t known for sentimental ownership and gentle care tacking. Maybe it will be different this time.
“Was just trying to make the point that a historic club shouldn’t be owned by a private equity firm and that they release statements like that whenever they buy companies. It normally doesn’t go well for those involved. Whatever…twitter”