AC Milan: Paolo Scaroni becomes the executive chairman, Marco Fassone leaves the club

"With immediate effect, Marco Fassone is leaving as CEO of the club. Existing Board member Paolo Scaroni (71 years old) has been elected Executive Chairman and empowered to oversee the management of the club on an interim basis, before the appointment of a new CEO. An announcement on the appointment of a new CEO, who has been identified, will be made in due course," announced AC Milan on 21/07/2018. The club has elected a new board of directors following the club's takeover by the US investment fund Elliott Management, which was announced on 10/07/2018.

"The Board will reconvene shortly to review a new business plan for the club, which presents a clear pathway to regaining Champions League status. The Board will also review a new budget for the club. The goal of this will be to strengthen the competiveness of the team, in compliance with UEFA Financial Fair Play regulations," indicates the club which has just been reintegrated into the 2018-19 Europa League by a decision of the Court of Arbitration for Sport (CAS) dated 20/07/2018 (see below).

"I am humbled by the opportunity to…