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Just over two years ago AC Milan were 'repossessed' by the notoriously aggressive US fund managers Elliott.
The club was in a mess: second highest Serie A wage bill but sixth best team; incoming European ban; former players in executive roles fighting about the best way forward
The club was in a mess: second highest Serie A wage bill but sixth best team; incoming European ban; former players in executive roles fighting about the best way forward
The first thing Elliott did was inject €50m emergency funding.
The second thing it did was poach Arsenal's CEO Ivan Gazidis - someone who inspires mixed feelings among Gunners.
The second thing it did was poach Arsenal's CEO Ivan Gazidis - someone who inspires mixed feelings among Gunners.
“History will judge him and it will be unfairly because I don’t think he’s done very well for us,” said Arsenal legend @IanWright0 at the time of Gazidis's departure.
Two years on Milan are top of Serie A, inspired by an Ibrahimovic Indian summer. The infighting has dissipated after Boban was fired for disparaging remarks about Gazidis and Leanardo left for PSG. The wage bill is down. They have the youngest team in Europe
But are they back?
But are they back?
Well, off the pitch they remain an absolute basket case.
When they last won the ECL in 2007 Milan’s earnings were €227.2 million, ranking them sixth in the Deloitte Money League €123 million behind Real Madrid, but in touch of the chasing pack.
When they last won the ECL in 2007 Milan’s earnings were €227.2 million, ranking them sixth in the Deloitte Money League €123 million behind Real Madrid, but in touch of the chasing pack.
For the year to June 2020, deprived of European football Milan’s earnings had fallen to €172 million. Real Madrid earned FIVE times as much as Milan last year.
But it's not just the loss of income that is staggering, it is the losses.
This week Milan posted a loss of €195million for season 2019/20. This is the second worst loss ever suffered by a club (the winner being Man City in 2011 on a Sheikh Mansour backed splurge).
This week Milan posted a loss of €195million for season 2019/20. This is the second worst loss ever suffered by a club (the winner being Man City in 2011 on a Sheikh Mansour backed splurge).
It follows losses of €146 million last year and €123 million in 2018.
Elliott have so far put more than €700million into the club.
Elliott have so far put more than €700million into the club.
Paul Singer, who founded the Elliotts Management fund, is known as the 'doomsday investor'. As this totally extraordinary New Yorker feature makes clear, he doesn't seem like the sort of person to go on putting good money after bad for too long: https://www.newyorker.com/magazine/2018/08/27/paul-singer-doomsday-investor
Which brings us back around to Ivan Gazidis. What can he do?
There's new stadium plans and changes to recruitment, which will serve the club well. But does he have time?
Here's my @OffThePitch_com profile that tries to find answers (£) https://offthepitch.com/a/profile-ivan-gazidis-and-milans-long-and-challenging-path-sustainability?wv_email=james.corbett%40me.com&wv_id=&wv_name=
There's new stadium plans and changes to recruitment, which will serve the club well. But does he have time?
Here's my @OffThePitch_com profile that tries to find answers (£) https://offthepitch.com/a/profile-ivan-gazidis-and-milans-long-and-challenging-path-sustainability?wv_email=james.corbett%40me.com&wv_id=&wv_name=
What the Milan predicament shows is why they so desperately want changes to the Champions League structure that will bring them entry on historical performance rather than current sporting merit. Six years out of the Champions League have been catastrophic for them.
Without Europe and without a Serie A TV deal in any way comparable to the Premier League being Europe's second most successful club with average crowds (pre-Covid) of 54,000 only brings in income comparable to a Fulham or Brighton.
