They lawyer and author Felice Raimondo has outlined four possible scenarios for the future of AC Milan’s CEO.
Over the past few days, Furlani’s name has been in the headlines because of strong fan protests and stories that he may be a victim if Gerry Cardinale opts to make major changes in the club’s hierarchy at the end of the season.
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On his Substack page, Felice Raimondo – who specialises in the legal and financial side of covering the Rossoneri – has listed four potential outcomes.
Scenario one: Less powers
Let’s say Furlani informed Gerry Cardinale of his unwillingness to continue as CEO. The board acknowledge this communication and formally revoked the mandate pursuant to Article 2381 of the Italian Civil Code.
Furlani remains a full director – with the associated rights, duties, and responsibilities – but no longer holds executive powers. This is the smoothest scenario from a business continuity perspective. It allows for a smooth transition, appointing a new CEO from among the existing directors.
Massimo Calvelli is a candidate, for example, who has been a full member of the board since March 2026. It would be a simple board resolution, without calling a shareholders’ meeting. It also allows Furlani to remain formally involved in governance until the 2025-26 financial statements.
At a time when Allegri and Tare also appear to be in doubt, having a simultaneous vacuum on three fronts – technical, sporting and executive – would be a governance nightmare that no rational owner would want to face ahead of a big summer.
Scenario two: Cardinale refuses
It should be remembered – and this is the point many overlook – that the CEO mandate is not granted to Furlani, but to the board of directors. Furlani can express his unwillingness to continue, but he cannot technically ‘resign as CEO’: he can only communicate his intention to Cardinale.
The owner remains free to not accept it and to keep him in both roles – as CEO and as a director – until he deems most appropriate. The reasons Cardinale might choose this path are concrete and are far from unreasonable.
The financial statements for the 2025-26 financial year close on June 30th and must be approved and signed and the summer window must be managed. Company practice and historical precedents – like the move from Gazidis to Furlani at the end of 2022 – indicate that any changes at the top will occur in the fall, not while the season is still underway.
Scenario three: Immediate resignation
Here the transition is slightly more complex and requires a technical clarification that is rarely made correctly in public debate. If Furlani resigns from his position as a director, he will automatically also lose his CEO mandate.
The reason is simple: the mandate pursuant to Article 2381 of the Italian Civil Code is granted by the board to one of its members. If the member’s status ceases, the legal basis for the mandate itself ceases.
With Furlani’s departure, the board would decrease from ten to nine members, precisely the minimum number required by Article 15 of the bylaws. The entire board will not be dismissed (which would only be triggered if the majority, i.e., five out of nine members or more, were to cease), but the margin becomes zero.
Then, any subsequent resignation would bring the board below the minimum threshold and require an urgent meeting to be convened. The board remains in office and can proceed with the co-option of a new director pursuant to Article 2386 of the Italian Civil Code, after which it will resolve on the assignment of the CEO mandate.
Even in this scenario, Calvelli, already on the board, could receive the delegation without further assembly procedures, or the board could co-opt an external individual and assign the delegation to him.
Scenario four: New external CEO
Cardinale could choose to appoint someone currently unrelated to corporate governance. In this case, the procedure involves two mandatory and consecutive phases, which, however, can be approved at the same board meeting.
The new individual must first be co-opted as a director pursuant to Article 2386 of the Italian Civil Code, without the need to convene a meeting, provided that the majority of directors appointed by the meeting remain in office.
Only subsequently can he or she receive the CEO mandate via a board resolution pursuant to Article 16 of the bylaws and Article 2381 of the Italian Civil Code. From a practical standpoint, the process is extremely rapid: co-optation and assignment of the mandate can occur in a single board meeting.
The formal sequence, however, remains mandatory: first director, then CEO. This stage cannot be rushed. This is the most disruptive scenario in the media and the one most strongly supported by some fans, as it would signal a genuine change of direction rather than an internal redistribution of roles.
The real obstacle isn’t legal – the process is quick and well-oiled, and AC Milan has already demonstrated its ability to use it by co-opting Castelblanco in December 2024 – but political.
It won’t be easy to find a candidate who will convince RedBird, who has the appropriate expertise to manage a European football club and who won’t recur with the same critical issues that have plagued the current management.
Where’s Scaroni to say we “need a little less” Furlani.
Furlani seems “uncomfortable” right?
It doesn’t matter who the CEO is as long as they appoint the right coach and sporting direction and if they get that decision wrong, they try again the next year. You all act like this is something new. You do know that Sacchi and Ancelotti won one scudetto each in their 13 years in charge? Was everyone calling for the board to be sacked and the club to be sold? No. Get out of your bubble. The club is finally on a stable financial footing and a new stadium is going to be built. UCL or no UCL, things don’t really change too much. Players will be signed, players will be sold. We go again. That’s football.
Every single one of your comments is more horrendous than the previous one.
I stated facts and you can’t argue with facts, you’re a toxic hypocrite, you’re just here to play to the crowd, with no perspective or reason. You may well have been following the club for as long as I have, but unlike you, I have a long memory, and, unlike you, I saw the writing on the walk more than 20 years ago. I was one of the fans calling for Capello’s head for his failures in Europe and his treatment of Savicevic and Lentini. I was calling for Galliani’s head, for failing to react to the rise of the EPL and giving contracts to aging stars back in the early 2000s. Back then we were in a position on strength and it’s from that position that teams should set a platform to dominate and you endlessly complain about this management? For what? They don’t know the first thing about the sport. They don’t pretend otherwise. They’ve secured the long-term future of the club by getting us out of debt and a new stadium. On the pitch, there’s a long way to go. Do you think they don’t know that? Why do you think the management structure keeps changing? They’re obviously not happy with how things are going. The club isn’t going to be sold any time soon, not until the stadium is built, these people are businessmen, they’re not going to shoot themselves in the foot and fail to get a return on an investment that’s value skyrockets with a new stadium. So you go ahead along with the children and cry and whine for the next 4 years. See what that does to your mental health. Liverpool have won 2 league titles in 30 years, Arsenal have gone 22 without one. Real Madrid will be on their 3rd coach in 3 years, and you want to whine about a bunch of newbies in suits? Toxic.
Man your comments are just so sad. You confuse finance and football, shareholders and fans. You can’t expect fans to just wait with, not the fact, but the chimera of a bright future. For three years in a row it’s only promises and failures. The long-term future won’t be any better for the fans if the club is managed like a financial vehicle and not a football team. Milan fans fcking don’t care about redbird’s ROI.
The fact is that Milan was on a good path only three years ago and this management destroyed everything and now it’s a complete mess. You can win now and in the future. Inter is winning now and they will have the very same stadium. You’re just one of the very last redbird bootlickers.
“You can’t expect fans to just wait with, not the fact, but the chimera of a bright future.”
Fans aren’t like you, they know success is fleeting. As I said, you’re a hypocrite with a short memory. Inter have better management and a better squad, that’s why they’re more successful at this moment in time, the same way Juve dominated before that, the same way we dominated before them. For someone who claims to have followed the club since 1989, you sure do speak like someone who has only been watching the sport for 5 minutes.
Finishes since 2010:
2010-2011: 1st
2011-2012: 2nd
2012-2013: 3rd
2013-2014: 8th
2014-2015: 10th
2015-2016: 7th
2016-2017: 6th
Then Berlusconi sold the club.
That’s the reality, it’s the reality for many big clubs, including Man United, Liverpool, Arsenal, who have much deeper pockets than we have.
Elliot and RedBird put the club on a solid financial footing, you react like that’s a bad thing! Are you insane!??!?!? Clubs can only spend what they earn so kindly get your brain out of the 1990s thinking there’s an unlimited pot of money, there isn’t.
Nothing has been destroyed. Stop being such a drama queen. The most important thing for the future of this club was getting a new stadium built.
Finished under Elliot: 5th, 6th, 2nd, 1st, 4th.
Finishes under RedBird: 2nd, 4th, 8th, 4th-5th*.
Yes, Elliot did a better job and hired a great CEO in Gazidis. How about telling us something we don’t know? What do you gain from your hysterical ranting? Nothing. And you do know that RedBird aren’t satisfied, right? You do know they keep hiring and firing because they want the club to be successful, right? For someone who is old, your inability to reason is simply astonishing. If watching Milan is so stressful, if you react to reading or seeing the owners with rage, find another hobby. Like most SANE fans who have seen their teams fail this season, I’ll do the same thing they do, look forward and hope things are better next season. You go ahead and throw darts at your posters of Furlani and Cardinale.
You argument is that there is no continuity in football. Milan won yesterday, lose today, will win tomorrow? Meanwhile you say that Allegri is a good hire because he’s a Serie A winner, so here there’s continuity. He’s been good so he will be forever? It’s like saying that Morata was a good recruit because he’s a World Cup winner. You twist the truth all the time mate just wake up and listen to 99% of the fanbase, including the people going at the stadium. This management is terrible and if they keep things this way, the long-term future won’t be any different.
You sound angry, like you’re just venting and deservedly so. There’s a lot to be angry about, but your channeling of it is misplaced. You need to calm down and in a level-headed manner assess what you’re observing.
Neither the owner nor the management he’s selected have shown any signs of learning from their mistakes or improving the sporting side of this club in any way in the last 4 years.
“On the pitch, there’s a long way to go. Do you think they don’t know that? Why do you think the management structure keeps changing?” – No, in fact they do not know that and the fact that the management of this club hasn’t changed and operates in the same way is proof of that as well.
You can blame a coach and DS but last year when they operated with two different coaches and no DS we were even in a worse place.
Financially the club is in a better place, but what purpose does it serve if it has ZERO effect on improving the sporting side of a football club? Like Bartholomeo said, this is afootball club and needs to be run as one. We aren’t a vehicle to improve Cardinale’s financial position and fortune …
“Neither the owner nor the management he’s selected have shown any signs of learning from their mistakes or improving the sporting side of this club in any way in the last 4 years.”
A complete lie. They hired a scudetto winning coach and a successful sporting director. Stop pretending they were bad hires. They were not. They moved Ibrahimovic aside and demoted Moncada, so they did in fact learn.
Nice try, but YOU are one of the fans who lack perspective and reason, I’m not and Bart is a fraud, I’ve already exposed him, I don’t care what he thinks. I don’t really care what you think either, I call out double standards and I am consistent. Those are two things most of you are not, which is why you find it awfully difficult to counter any of the points I raise.
I’ve already explained why the claim that the management haven’t learned anything is without merit. Allegri and Tare were the best hires of the options we had. Pretending otherwise is a flat out lie. Conte fights with the board, his players and complains to the press. Allegri doesn’t. He’s calm and measured when he speaks. It was either Tare or the Juve crook, we made the right choice. Hiring a scudetto winning coach and a good sporting director absolutely shows management learned.
Who was complaining about Tare and Allergi in February? We had the longest unbeaten run in Europe and the best defence in Europe. Then the collapse followed. That suddenly means management are useless, didn’t learn and all need to be replaced!?!?? Of course not, so it is you and the others who lack perspective and it is fans like you who don’t learn. I on the other hand have been proven right over and over again, year after year. The accusations levelled at RedBird:
1. ‘They’re cheap’ – I’ve defended them from day one and they are in fact the biggest spenders in the league since they took over.
2. The next claim was they would ‘never spend more than €25 million on a player’, that there was a ceiling, false, as we saw with CDK, then Gimenez then Jashiri.
3. ‘They’ll loose Leao on a free transfer, they’ll lose Theo and Mike on a free transfer’. That didn’t happen either.
4. ‘They won’t build a new stadium’. That’s another false claim they put to rest.
Unlike the rest of you, I don’t talk out of one side of my mouth, I criticise the management for the bad decisions they make and praise them for the good decisions they make. I wanted Moncada out, I wanted Ibrahimovic out, I wanted Pioli out, I wanted Kirovski out, Musah, Tomori, Theo, Thiaw and a host of other players out and I wanted more Italian players in the squad. Most of that has happened.
No one knows what you said in the 90s but you certainly said there weren’t any good coaches a couple of seasons ago when that particular summer has seen the most availability for a good quality coach in a long time – I believe Klopp, Slot, Conte were all available to were going to be…(this was you defending the appointment of Concecaio). Ownership has done good things like debt management and finances but the sporting side has been atrocious and that’s the side fans really care about. Call it for what it is.
What I said in the 1990s is on rss. Klopp wasn’t available and how are you pretending Conte would have been a good hire? The same goes for Slot, who has spent the most money in one season, by ANY club, to finish below Man United! When you look at other big clubs, and this is a point many of you keep missing, there are also many failures. Winning is difficult, sustaining it even more so. I do call it what it is, what I don’t do is rabidly attack the owners.
You are talking with the same guy that defended Redbird when it. Was time to get a good coach, but they got Fonseca
And his weak lame excuse was they. Were waiting for klopp who had already gotten a German appointment already then, and he stuck to this story delusion despite the facts everyone presented.
Them when that failed he switched to Redbird could not deliver because there was no good coach available. And the even when that failed he switched to there was no available good, young coach. 😂😂🤣
The same delusional fellow who defended Redbird after they promised to get a young striker with future club glory in mind, but the failed at it and hoot morata. And his defense was morata was. A world cup winner and professional.
Bro you get time to dey argue with that fellow. He and boulden are on the same stratosphere, the sphere of stupid delusions
You got it a bit wrong, we spent four seasons “under” elliot and our first season under this
rb fraud ended in 4th place (practically, 5th), Milan was sold after we won the “scudetto”;
Finishes under Elliot: 5th, 6th, 2nd, 1st- sold;
Finishes under RedBird: 4th (5th), 2th, 8th, ?.
Couldn’t agree with you more.
Bro I think he’s got some Don Quixote kind of madness, I’m done it’s exhausting 🤣
he supports inter, hes happy to see milan sporting side as mediocre as it is!
His version of reality just differs from mine and probably yours. His comments are very surface level without a deeper dive into how things are run at Milan.
“RedBird is great because we’re on a better financial footing therefore they have the club’s best interest in mind…” is sort of his line of reasoning.
I used to be there two seasons ago willing to give them the benefit of the doubt. But that quickly changed.
“You do know that Sacchi and Ancelotti won one scudetto each in their 13 years in charge?”
Such a disrespectful way to undermine their era.
Each of them won 2 UCLs. That’s a total of 4 UCLs for a club that has 7 in total.
Also with them (especially Ancelotti) we sometimes narrowly missed titles, like the 2004/25 UCL and were always competitive in scudetti even when we don’t win them. It’s one thing to miss a title on penalties or by few unfortunate points and another to not even make the UCL.
Also in both these eras, we had some of the best players in the world, not mediocre players like today.
And when things went south in 1991, the board did sack Sacchi and replaced him by Capello who won 4 scudetti and 1 UCL.
“Also in both these eras, we had some of the best players in the world, not mediocre players like today.”
Exactly, not only did we have the best players in the world, we had unlimited funds, we were Real Madrid + PSG + Chelsea all in one, so failing to push on, failing to develop the stadium, focus on the youth team from a position of strength was unforgivable. That’s not the issue today.
We were robbed of two titles (“scudetti”) under Ancelotti (2005. and 2006.) and 1 CL or at least playing in the final that season (2006.) just like
we were robbed of 1 CL (1993.) under Capello. 2012. and one more “scudetto” stolen from us
+ that disgrace in the quarter-finals of the UCL.
So the managers and sporting directors are both accountable and expendable on a year-by-year basis, but the man repeatedly hiring the them isn’t?
I’ve just said to you on a different post, if your view is that football has changed, and RedBirds prioritising of taking us to another financial level is an imperative mission, then great – its not a view I fully share but its a view I certainly understand. That doesn’t mean however that you should view Redbird as infallible. Furlani has either directly or indirectly through his “cheque signing” taken the club backwards in three consecutive windows. By all means defend RedBird generally, but I don’t know how you can defend Furlani’s tenure, I really don’t.
Furlani is a pen pusher. He doesn’t identify player targets. I remember when he arrived and everyone was saying he won’t be able to sign anyone, yet we got every single target (save Zirkic) and extended the contracts of the biggest assets (Mike, Theo and Leao) and sold Tonali before he was banned for a year.
Redbird haven’t taken the club ‘backwards’, the scudetto was the limit of that team, players needed to be replaced (Kjaer, Kessie, Giroud, Ibrahimovic, Rebic etc) and that failure was on M & M, that’s why they were sacked, for CDK & Origi and for losing players on free transfers. Moncada was a poor replacement. Tare and Allegri were seen as solid choices. No one was complaining about them 2 months ago. Tare did a masterful job in moving on players we didn’t need, the issue was blowing a lot of that money on Jashiri and Nkunku.
I couldn’t care less if Furlani is sacked, but painting him out as some kind of pariah is absurd. The most important people as far as on the pitch is concerned is the coach and SD. If Cardinale feels Furlani should be sacked for that, then so be it, but I don’t scream and rage whenever Furlani’s name is mentioned, because I’m not irrational. He made what he thought were solid choices, Cardinale agreed. That’s it.
You’ve misread me – I haven’t said a single thing about Cardinale in my comment. I don’t care who owns us, it’s all just pots of money at this point. I do care, however, about the people in charge of those pots of money. Not to the point of screaming and raging irrationally, but certainly to the point where I’d be glad to see the back of someone I have no faith in.
With regard to “Cardinale agreed” – my hope is that Cardinale is smart enough to know he knows nothing. So I would replace the word agree with “trusted”. Trust has a limit.
But in your op you do seem to be implying that CEOs should get unlimited mistakes whilst the people they hire are expendable, which I have to disagree with. They are all paid by the same pot of money and must all be held to the same account. To use your own example – if M&M were sacked on the back of one conversation for perceived incompetence straight after winning the league, then Furlani’s time has now surely got to be up.
Forget it. His delusions are off the charts. He’s the employee who will rather be a slave and be yes-man to his boss coz his boss is infallible in his pov.
support financial scudetto as much as u like but not for me,
i want Milan win, i want trophy, i want Milan be champion,
it must be hard 4 u in Berlusconi era but i like it, we were strong & respected by other big clubs around the world,
we were The Dream Team, we were Invincible & giants killers, not a fat pocket Toulouse
The biggest lies repeated here are that the owners are cheap. We’re the biggest spenders in the league. As for the financial scudetto:
Profits
2022-2023. €6.1 million
2023-2024. €4.1 million
2024-2025. €3 million (estimated)
Stop pretending keeping the club out of debt is a bad thing. They spend as much as they can while complying with Serie A and UEFA spending rules.
You can rightly criticize them for not knowing what they’re doing, for the bad decisions they make, but you can’t question their ambition.
AMBITIONS??? I can’t find any. I tell you which club has ambition: Inter and their management
Someone need to put uberhulk’s li.fe to an end. Too funny of a mouth
Yes, that’s the typical responce of someone who cannot refute what I said.
And you who rather be a slave to an infallible boss LOL
Honestly Milan is having more of a PR issue than a CEO issue. Appointing Tare and Allegri was not malpractice and with a different group of players probably would be fine.
People forget there’s a fragility in the squad that goes back to Maldini’s days. The psychologically has been weak since the scudetto season.
Yep and we’ve also seen that at Real Madrid and Liverpool this season, we saw it for years at PSG. No one was complaining in February, after we’d beaten Inter (again). Allegri and Tare were solid hires.