Dawn of a New Era : AC Milan elects new board of Directors

Rome, July 22: Italian football giants AC Milan have elected a new board of directors, signaling “the dawn of a new era”.

Paolo Scaroni is the interim CEO of the new board comprising Marco Patuano, Franck Tuil, Giorgio Furlani, Stefano Cocirio, Salvatore Cerchione, Alfredo Craca and Gianluca D’Avanzo, the club announced Saturday, reports Xinhua news agency.

“Following last week’s change in ownership, with Elliott (Advisors UK Limited) assuming control of the club, AC Milan elected a new board at a shareholder meeting in Milan, signaling the dawn of a new era at the club,” the club said in a statement.

“An announcement on the appointment of a new CEO, who has been identified, will be made in due course.”

Elliott, a multi-billion-dollar investment management fund, announced on July 10 that it had taken control of AC Milan “to enforce Elliott’s security interests after the previous owner of AC Milan defaulted on its debt obligations to Elliott”.

“As first measures, Elliott intends to inject 50 million euros ($59 million) of equity capital to stabilize the club’s finances, and plans to inject further capital over time to continue to fund AC Milan’s transformation,” the fund said in a statement. IANS