Giorgio Furlani was appointed as the man to take over from Ivan Gazidis as the CEO of AC Milan and he began his new role on 5 December 2022.
The former portfolio manager of Elliott Management took the reins from Gazidis, who left his position exactly four years after his appointment which took place on 5 December 2018 as he decided to step away from the job.
What exactly does a CEO do? Or more specifically, the CEO of Milan under the new ownership RedBird Capital? Calcio e Finanza claim to have accessed an official document which makes it very clear what Furlani is permitted to do.
“The following powers of ordinary and extraordinary administration of the company are conferred on the Chief Executive Officer for the performance of all acts necessary or useful for the good running of the company and for the achievement of its corporate purposes, within the limits of amount and under the conditions reported and without prejudice to the matters reserved for collegial resolution by the Board of Directors pursuant to the law or the Articles of Association,” it begins.
Furlani’s powers at Milan
The powers are ‘conferred to single signatories within the limits of the annual budget approved from time to time by the Board of Directors and in any case with the gross limit, for each transaction, of 30,000,000 (thirty million) euros’, the document continues.
Below are Furlani’s main powers, which are added to ordinary activities ranging from banking operations to representation functions with national and local public administrations:
- Keep and sign correspondence;
2. Handle relations with Lega Serie A, Coni, FIGC, LNP, UEFA, ECA, FIFA and any other government body or national or international sports association, including public administrations, with the power to:
➤ Negotiate TV rights and centralized commercial rights and sign the related agreements as far as the company is concerned;
➤ Perform deeds and operations necessary to obtain licences, concessions and authorizations in general;
Stipulate and sign regulations, agreements, administrative documents and carry out any other preparatory act for said provisions;➤ Promote and pursue legal proceedings as well as appear and defend the company in legal proceedings, present declarations and requests, propose complaints and appeals against any provision of offices, bodies and authorities referred to the above, sign the related documents (including settlement agreements) and carry out any deed and related and inherent transaction, including the appointment of attorneys.
3. Taking care of the development of the company’s business, marketing and image, including the development of contacts and the creation of relationships with other entities operating in the football sector, as well as the promotion of the company’s activity in organizations, networks, promotion and sales channels in the same sector;
4. Oversee the achievement of commercial objectives within the scope of compensation and budgets approved by the board of directors;
5. Manage relationships with sponsors, suppliers and business partners, both in relation to existing contracts and in relation to new projects;
6. Identify potential sources of funding, conduct any capital raising campaigns and manage relationships with related entities;
7. Manage relationships with player agents;
8. Be the formal contact person for those responsible for every line of business and every football operation of the club (including any sporting directors, technical directors or head coaches);
9. Hiring, suspending and dismissing executive personnel, fixing salaries, determining qualifications, functions, duties, exercising disciplinary power, defining the indemnities due to them upon termination of employment;
10. Negotiate, enter into, modify, terminate, transfer and/or acquire any type of agreement relating to the company’s business, in Italy or abroad, such as, by way of example only, the following:
➤ Agreements for the acquisition or transfer, in the context of sporting activity, in any form, of the rights to the performance of players, including those in the youth sector;
➤ Agreements for the definition of the report relating to the sports performance of football players and agreements with coaches, technicians and talent scouts, agreements relating to scouting and the health sector, as well as agreements with prosecutors and sports agents;
➤ Contracts for consultancy, insurance, the purchase of movable property, transport, promotion and advertising.
11. Handle relations with any national, regional, provincial and municipal authorities and administrations, and/or with other companies or legal persons, including subsidiaries of the company, for all operations and practices relating to the project relating to a new stadium owned by the company or the reconstruction and/or restructuring of the San Siro stadium, in compliance with the guidelines and directives of the President and the board of directors in this regard.
Powers jointly signed with Gerry Cardinale
The document also reports a series of ‘powers conferred jointly with the Chairman of the Board of Directors or, alternatively, with the Director Gerald Cardinale Jr. within the limits of the annual budget approved from time to time by the Board of Directors in relation to acts and/or transactions with a gross unit value between 30,000,000 euros (thirty million) and 100,000,000 euros (one hundred million) gross and subject to formal consultation with the Technical Committee set up within the company’.
These powers are:
- Negotiate, enter into, modify, terminate, transfer and/or acquire:
➤ Agreements for the acquisition or transfer, in the context of sporting activity, in any form, of the rights to the performance of players, including those in the youth sector;
➤ Agreements for the definition of the report relating to the sports performance of football players and agreements with coaches, technicians and talent scouts, agreements relating to scouting and the health sector, as well as agreements with prosecutors and sports agents.
