AC Milan CEO Ivan Gazidis has revealed that Elliott Management inherited a club on the verge of bankruptcy when taking over last year.
The sacking of Marco Giampaolo as head coach was confirmed on Tuesday, having last just 111 days in charge of the Rossoneri.
Despite widespread rumours Luciano Spalletti was set to join, it eventually emerged that Stefano Pioli would be Giampaolo’s replacement, with a deal tied up yesterday.
Pioli arrived at Casa Milan on Wednesday morning to sign his contract, and the club confirmed his appointment via a statement on their official website.
Pioli – who has managed Lazio, Inter and Fiorentina in the past – is believed to have put pen to paper on a two-year deal with Milan, which includes a couple of interesting clauses.
Gazidis was present at his official unveiling, and kicked off the press conference with a reflection on the current state of the club.
“First of all, I thank Giampaolo and his staff for their work and we wish them the best,” he told reporters.
“The decision was taken all together, putting the team above everything. We are making a difficult journey. We are faced with a reality that cannot be ignored.
“We took over a club on the verge of bankruptcy and are working every day to get back to high levels. We inherited debts that had to be paid, and we were excluded from European competition.
“I want to reassure the fans that we want to bring Milan back where it needs to be, capable of competing at high levels. We will make mistakes and correct them.
“The will of our owners is to invest, as the stadium demonstrates. Where we will invest €1.2billion. Zvone, Paolo and Ricky are here and they too know that it will be difficult. They know what it’s like to fight to be the best.
“We will make mistakes, but we will correct them. We had a season in which we almost went to the Champions League. But we know it’s not enough.
“We were the sixth biggest net spending club in Europe this summer and fans will see improvements. We understand their frustration. There is time to return to the Champions League. I am happy to welcome Stefano Pioli.”