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US hedge fund elects new council to lead club in a new era after completing takeover
AC Milan announces the appointment of Paolo Scaroni as president announcing "dawn of dawn" a new era "under the new owners Elliott Management.
The US investment company has completed a takeover of the club after the former owner Li Yonghong has not repaid a debt of 32 million euros.
And the transition ended on Saturday when a new board was elected at a shareholders' general meeting in Milan
Marco Fbadone stepped down as CEO, with Scaroni becoming chairman and interim general manager, while Marco Patuano, Franck Tuil, Giorgio Furlani, Stefano Cocirio, Salvatore Cerchione, Alfredo Craca and Gianluca D'Avanzo also join the board of directors
Milan was suspended from the League Europa for this season after failing the rules of financial fair play of UEFA, but was reinstated after the Court of Arbitration. The change of ownership played a decisive role in the decision of the CAS, Elliott having promised to invest € 50 million in Serie A and aiming for a return to the Champions League.
The new president promised that the Rossoneri would see progress.
"I am honored to be able to lead AC Milan's board of directors and I am grateful for the trust and support of my colleagues" Scaroni "It's a crucial moment in the The club's history, and we are all grateful to have a new owner committed to making AC Milan its former glory, "said the CEO of the Italian energy company Eni and from the glbad manufacturer Pilkington in London. At the board level, we will do everything in our power to enable the coach and the players to succeed: there is still a lot of work to be done and we look forward to continuing our momentum. "
Before the change President Li Yonghong fought back with the new owners after the hedge fund repossessed the holding company that he had been in the habit of buying in Milan in 2017.
"First of all, I would like to clarify the following: or that dictated by a pbading infatuation," he wrote in a letter addressed to the fans published in Il Sole 24
"She was born from my pbadion for the team and his belief in the economic potential of investing in one of the noblest.
"Until June 30, 2018, I had spent nearly 880 million euros for AC Milan, of which only 280 million euros had been funded by Elliott, while personally I had provided the rest.
"I was convinced Elliott was a trusted investor and, above all, a partner to share the homework and honors of a challenging adventure like the property of A team that, throughout their glorious history, has won, among other trophies, seven championships and 18
"I made a mistake and I discovered it to my great detriment During my tenure, Elliott has been shown from the outset as not being the partner I imagined, but rather a lender totally uninterested in the complex management of a Milan club, despite being his control over the board of directors of the team
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"During my tenure as President, I would like to remind you that I have never failed in my commitments and for that" I am ready to fight and I will do it to protect my rights and to give badurances to the shareholders of AC Milan, that my beloved club deserves
"Any deliberate and intentional maneuver aimed at reducing the value of AC Milan will be prosecuted. Thank you for your hospitality and attention. "
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