Milan have officially confirmed Paolo Scaroni as their new President following the exits of Marco Fassone and Li Yonghong.
A shareholders’ meeting on Saturday morning saw Li and Fassone ousted for what Gazetta dello Sport describes as ‘just cause’, along with fellow board members David Han Li, Lu Bo and Xu Renshuo.
Milan have officially confirmed Paolo Scaroni as their new President following the exits of Marco Fassone and Li Yonghong.
A shareholders’ meeting on Saturday morning saw Li and Fassone ousted for what Gazetta dello Sport describes as ‘just cause’, along with fellow board members David Han Li, Lu Bo and Xu Renshuo.
In their place ‘unanimously’ are Scaroni, who replaces the Chinese businessman, Marco Patuano, Giorgio Furlani, Stefano Cocirio, Salvatore Cerchione, Alfredo Craca, Gianluca D’Avanzo and Franck Tuil, who helped the Rossoneri win their Europa League appeal.
Li became President in April 2017, having bought the club from Silvio Berlusconi, and quickly appointed former Inter and Juventus director Fassone as CEO, prior to a recruitment drive of over €200m in the transfer market.
However, it soon came to light that he borrowed a high-interest loan from hedge fund Elliott Management, which recently took control of the Diavolo following his failure to make repayments.