Sunday July 22 2018

Fassone could sue Milan

Marco Fassone and Milan look set to end up in court, after the former CEO was dismissed by new owners Elliott Management.

The former Inter director was appointed by Yonghong Li, but was removed yesterday as the U.S hedge fund installed its new board.

Tuttosport believes that Fassone was asked to resign at a meeting in London last week, but refused to do so.

The newspaper believes that his links to Li and the Chinese ownership formed part of the reason, but also alleges that the CEO wanted to extend his own contract.

Gazzetta dello Sport backs that report, stating that Fassone either had or was well on the way to giving himself a substantial pay rise, despite the club’s delicate financial situation.

This, the new owners claim, damaged the “fiduciary relationship” between the director and the club.

Gazzetta also believes that Fassone’s part in drawing up business plans forecasting huge revenue growth in China, which were instantly dismissed by UEFA’s Financial Fair Play regulators, came into play when it was decided he should be sacked.

Since Elliott is arguing just cause, they don’t have to pay compensation to Fassone.

However, Tuttosport, Gazzetta dello Sport and Il Giornale all expect the former CEO to challenge that in court.

Former owner Yonghong Li has already contacted law firm Eversheds Sutherland to try and get some form of compensation from Elliott for his removal.

Li borrowed money from the hedge fund to complete his takeover, and that had to be repaid by October.

However, when the former owner failed to pay €32m for a capital increase the fund stepped in to ensure the club’s stability.

When Li failed to pay that money back on time, Elliott seized control of the club.

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