MilanNews.it has revealed some important information from the meeting between Marco Fassone and AC Milan’s shareholders on Wednesday.
According to the MN report, Milan are confident of being able to provide the Chinese with the right plan to refinance the debt within 30-40 days. The refinancing of AC Milan’s debt is straightforward, while the one of owner Yonghong Li is slightly more complex.
At the meeting in Nyon two weeks ago, David Han Li reassured UEFA. The answer regarding the Settlement Agreement will arrive by the end of May.
There is no problem with the mercato. Elliott will help the club in the summer, having the right to subrogation (the substitution of one person or group by another in respect of a debt or insurance claim) on the bond rescheduled in today’s shareholders’ meeting.
The mercato will however be different from last season and the club will target more experienced players. There is no need to sell star players to fund the budget, and if there are sales, they will only be for sporting reasons. AC Milan does not need to lower the wage budget, but if they do, it would mean the club have room to attract top players.
Milan’s losses to date are around €80-90million. The goal of the company by the next budget is to reduce the liabilities to around €55-60million in order to get closer to the -30 million that UEFA requires to achieve within three years.
If, on the other hand, qualification to the Champions League should arrive in the 2018-2019 season, there will be the break even in the next season.