AC Milan is at risk of potential bankruptcy and has also been relegated to Serie B position due to poor financial management.
Though the Italian giants are swimming in still waters, they are reportedly in much better financial shape, according to the club's new CEO, Ivan Gazidis.
The 55-year-old Chief Business Executive had helped manage the finances of North London club, Arsenal. He managed Arsenal's fund as the Emirate outfit began looking to recuperate the excess funds spent on stadium renovations. In 2019, he joined the Italian giants who were on the brink of bankruptcy.
“It’s a decision we all made together, but we had to put Milan first. We understand our fans, I understand their frustration, we’re in trouble, but we’re working to fix things," Gazidis said at a press conference.
“We inherited a club that risked going bankrupt and could’ve dropped into Serie B like Parma and Fiorentina. We found debts that took us out of cup competitions. We’ve had to face difficulties, that’s undeniable."
"The road is a difficult one, but we have to be patient. We’ll still make mistakes, but we’re determined."
"We want to bring Milan up again, both in Italy and Europe. We’ll continue on our journey, we’re ambitious, as seen by our desire to build a new stadium, with an investment of €1.2 billion, which can give us new revenue streams and will lead to the arrival of new players.
“We make all our decisions together. We’re one of the clubs who have invested the most in Europe, our team has been improved and our fans will soon see the new signings and understand why we bought them."
AC Milan currently sits on 13th spot in the Serie A table, with four losses and three wins in their first seven league matches. Gazidis backed the sacking of Marco Giampaolo, as he believes a change of managers was necessary. He also hopes the change of backroom staff would help stabilize AC Milan on and off the pitch.