Massimo Calvelli is a name that has been increasingly in the media recently, and more details on his role at AC Milan have emerged.
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MilanNews report that they been able to view the public company registration document, extracted from the Company Register held by the Chamber of Commerce, regarding the appointment of Calvelli as AC Milan’s new CEO.
Calvelli’s appointment was confirmed during the Board of Directors meeting on June 25th and was registered in the aforementioned Company Register two days ago. A director of the club since the fall of 2025, his term will last until the approval of the financial statements on 30 June 2027.
By then, it will be clear whether this appointment will be renewed or a new position will be taken, but that’s not a discussion for now. It is interesting, however, to highlight the duties and associated powers that Calvelli has.
The €50m man
Calvelli’s basic power concerns his individual signature, that is all the things manage and approve alone. Accordingly, as evidenced by the Chamber of Commerce registration, Calvelli can individually sign transactions worth up to €50m.
These must fall within certain specific areas, which are the actual duties of the AC Milan CEO: transfers (limited only on player transfer fees, not salaries or commissions); management of employees and executives; and management of institutional relations with national, continental, and international federations.
In addition, judicial representation; signing sponsorship or partnership agreements (as well as those with players’ agents and suppliers); management of ordinary banking transactions; overseeing the new stadium project; and other representation and external communications tasks fall in his remit.
There are two cases in which Massimo Calvelli has joint signature power. In other words, there are transactions that require his signature, but also that of at least one other person within the club.
The first case concerns larger, structured financial transactions, the management and request for bank guarantees or credit cards, and significant current account transactions: to approve all of these, in cases ranging between €5-20m a joint signature with CFO/COO Stefano Cocirio is required.
Then there are the cases of large-scale, general transactions, especially those involving transfers, contracts with players, staff, and agents, which exceed €50m and reach up to €100m. In this case, Calvelli’s signature power is joint with that of president Paolo Scaroni or that of Gerry Cardinale.
In other words, to approve very high-cost operations, the signature of either Scaroni or Cardinale is also necessary, like the signing of Goncalo Ramos. Therefore, the Milan owner will intervene on every major decision.