AC Milan look to the future under new American ownship

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AC Milan look to the future under new American ownership

Change of ownership confirmed after European fate revealed

Milans coach, Gennaro Gattuso, celebrates his team victory against Lazio, on February 28, 2018

Milan set to play in Europe after CAS accept their appeal

Shareholders of AC Milan gave way to a new era on Saturday as the ownership of the club passed over to hedge fund Elliott.

During the meeting, organised at the clubs headquarters, Casa Milan, Paolo Scaroni was approved unanimously as the new president of the club, ending the control of Chinese investor Li Yonghong.

The Serie A outfit published an official statement on their website on Saturday July 21 to begin the new era.

After the change of ownership last week, with control taken by Elliott, Milan chose today a new board of directors in the meeting of shareholders organised in Milan, which signals the start of a new era for the club, the statement said.

Scaroni led his first meeting later on in the day on Saturday, meeting with Marco Patuano, Franck Tuil, Giorgio Furlani, Stefano Cocirio, Salvatore Cerchione, Alfredo Craca and Gianluca DAvanzo to discuss the economic and sporting plan for the season.

Marco Fassone and other advisors to the Chinese regime have been removed from the clubs management, having been fired by shareholders for failure to manage player contracts or the transfer market in a satisfactory way.

The new president is the 27th in the clubs history, adding to a rich heritage with the Diavolo still the second most successful in Europe and only behind Real Madrid for Champions League trophies.

However, 2018/19 will be the fifth campaign in a row without competing in the competition, with Elliott desperate to take the club back to that level.

The board will meet to decide on a new economic project for the club to provide a clear path to return to Champions League status, Milan added in their official statement.

Key to that plan will be to stick to UEFAs Financial Fair Play after a run in caused serious problems, with Chinese ownership last season spending 200 million euros and having them banned from the Europa League.

The decision was taken after Milan qualified, having finished sixth in Serie A, but the Court of Arbitration for Sportoverturned that ban and gave the club the go-ahead to compete.

[The decision shows that UEFA] have taken into account that the current financial status of the club is better, as a result of the recent change of ownership, according to the American hedge fund.

They claim that it is the first step to returning Milan to the top of the game in Italy and Europe.

After 31 years of ownership under Silvio Berlusconi, Li Yonghongs 16-month reign has come to an end with a new project on the horizon.

© Julio 2018Unidad Editorial Informacin Deportiva, S.L.U. Todos los derechos reservados.