General manager Fassone follows Li out of Milan following Elliott takeover
Serie A’s AC Milan have dismissed general manager Marco Fassone as part of a board reshuffle following the exit of former owner and Chinese businessman Li Yonghong.
Fassone (pictured) was ousted at a board meeting at the weekend as US investment fund Elliott Management Corporation enacted changes after taking control of the club.
A new board has been elected, with Paolo Scaroni installed as executive chairman.
Fassone had been in place since April 2017, when Li acquired Milan from Silvio Berlusconi, the former Italian prime minister, in a deal worth €740 million ($865 million), and the general manager’s contract was recently extended until 2021.
However, Fassone has been sacked, in part, because of an attempt to change the contract that regulated his relationship with the club, and will not be receiving severance pay, according to the Gazzetto dello Sport newspaper.
Elliott assumed control of Milan after Li, the president and co-owner, failed to make a repayment of €32 million to the company by a deadline of 6 July.
It emerged at the time that Riccardo Silva, the sports industry magnate and co-founder of the MP & Silva agency, was set to secure a minority stake in the club as part of the transition.
Li and Fassone hoped to revive the fortunes of fallen giants Milan, and last summer oversaw investment of €200 million in new players, but the club finished only sixth in Serie A, thereby missing out on a place in the Uefa Champions League, and the takeover was reported to be the subject of probes by financial regulators in Italy and China.
In a statement following Fassone’s departure, Paul Singer, the founder and chief executive of Elliott, said: “The election of a new board marks another step forward in getting AC Milan back on track. We recognise the prominent place AC Milan occupies in the football world and are aware of the responsibility that comes with owning such a storied franchise.
Milan have the consolation of a place in the Europa League after the Court of Arbitration for Sport last week overturned a one-year ban from European competitions imposed by Uefa, with the Elliott takeover seen as a contributory factor.
Singer’s statement continued: “The board will also review a new budget for the club. The goal of this will be to strengthen the competitiveness of the team, in compliance with Uefa financial fair play regulations.”