The Small Shareholders Association of AC Milan (APA) today participated in the Shareholders’ Meeting since the club were formally taken over by RedBird Capital.
A statement on the club’s official website late last month confirmed that RedBird are the new owners of the club, completing the takeover from fellow American fund Elliott Management who had been in charge since 2018 and oversaw a period of positive change.
During the meeting, APA were able to welcome the new directors and voted in favour of the resolutions proposed by the largest shareholder. Auro Palomba – the president of the APA – spoke about the change in ownership in a positive way, with his statement relayed by PianetaMilan.
“On behalf of the small shareholders gathered in APA Milan, we wanted to warmly welcome the new shareholder RedBird Capital, Gerry Cardinale, and the new directors. We also wanted to express our thanks to the Elliott Fund, the outgoing directors and those who will continue to sit on the board of directors of our beloved club. It was also an opportunity to greet in particular the two outgoing directors of APA Milan,” he said.
“Anyone who wants and strives with ambition for the good of Milan will always have the support of APA Milan which in recent years has proved to be an indispensable added value and a trait capable of transmitting the Rossoneri sensitivity to those who lead the club. To act as a glue between the club and the fans, obviously each with their own prerogatives.
“APA Milan has been there, is there and will be; this is why we expect, but we are convinced that it will be so, to continue to relate with the largest shareholder, with the directors and with the whole club with a constructive and collaborative approach. We are confident that the requests and sensibilities of the Rossoneri fans will continue to be listened to by the club also through concrete participation in the administrative body.
“In the same way, we are convinced that the times and the now consolidated relationship of trust allow this board of directors to heal the previous and to accept the APA Milan shareholders who have requested it in the past, allowing the assignment of the shares to them.
“We will have the opportunity to discuss this, the ambitions of the club and much more in the assembly to approve the budget.
“Meanwhile, with the enthusiasm deriving from the awareness of the beginning of a new chapter in the glorious history of Milan, our vote on the resolutions proposed by the largest shareholder was favourable, with the sincere hope that the best is yet to come.”
Carlo Festa of Il Sole 24 Ore (via SempreMilan.it) is reporting that there will be three representatives for Elliott Management on the new board and four for RedBird, while CEO Ivan Gazidis and president and chairperson Paolo Scaroni will be the eighth and ninth members.
