AC Milan CEO Paolo Scaroni confirms that Elliott Management will end up selling the Rossoneri club in the near future.
When Elliott Management Corporation owned by Paul Singer took the reins of AC Milan, few thought it would remain at the helm of the club for many years. The goal of a hedge fund is to enhance an asset and then resell it in order to make a profit.
Elliott are trying to fix the club’s balance sheet, improve the team, ensure continuous participation in the Champions League and build a new stadium. All factors that increase the value of AC Milan which basically has a very strong brand thanks to its glorious history. The project started in 2018 is gradually bringing results.
AC Milan CEO Paolo Scaroni in an interview with Newest Media confirmed that Elliott will sell the Rossoneri in the future but without specifying the timing: “One day Elliott will resell Milan, it’s part of their work. They are preparing a new Milan, which will be evaluated at the right price by a new owner”.
Many think that the American fund will sell the club when the stadium is built. Scaroni, very active on this project, reiterates how important is a modern stadium for the club. “We need a new stadium, it is the only way to increase revenues. It will be the best stadium in the world. The new stadium will cost around 650 million euros and will bring 3,000 jobs during construction. Milano needs another attraction“.
Elliott Management was confirmed as the official proprietor of AC Milan with 99.93% of the stakes of the club, after previous owner Li Yonghong defaulted on his €415 million debt to Elliott. The American fund has investment over €700 million in the Rossoneri ever since.