A big summer awaits AC Milan, something we seem to say every single year, and it will not just be confined to the players that come and go.
At the time of writing, Milan are currently on course to achieve the minimum objective for the 2025-26 campaign: to obtain a top four finish and return to the Champions League after a one-year absence from all European competition.
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The decision to go with a ‘safe pair of hands’ in Massimiliano Allegri has stabilised things. The football may have largely been more pragmatic than champagne, but the limitations of the squad were understood and the importance of getting back into the top club competition was just too great.
Yet, something is bubbling under the surface. While all of the talk should be about bolstering the playing squad in terms of quality and quantity, building off a rebound year, Matteo Moretto dropped a bombshell a couple of weeks ago.
“Whether it’s the Champions League or not, Cardinale will evaluate between now and the end of the season to determine how and whether to improve the Rossoneri organisation: I’m speaking from both a sporting and a corporate perspective.
“We need to understand how the season will end, but there will certainly be a face-to-face meeting with Cardinale in charge. RedBird will decide which path to take. We’ll update you if there are any changes or improvements.”
It is not definite that people will leave or join. Rather, the overall situation will be reviewed and if parts aren’t operating as they should, changes may be made. What is the current ‘situation’ though, and what might those ‘changes’ be?
A spoilt broth
At present, what Milan have is quite a managerial structure that many would describe as being somewhere on a spectrum of over-populated to incompetent. There are various major figures within it, each of whom seem to divide opinion.
Let’s start with those who seem to still have the most backing from supporters: Allegri and Igli Tare. The head coach and sporting director have restored order quickly after the chaos of 2024-25, ignoring the external noise and largely navigating the choppy waters well.
That’s not to say that both are immune from criticism. Allegri’s style of play has come under fire as has his persistence with certain players; Tare’s role in questionable signings has also been put under the microscope and sometimes his media strategy hasn’t been perfect.
Nonetheless, there is not a long line of people wanting one or both to lose their jobs. From this, we can safely say that they have upheld their end of the bargain, which was/is to oversee an improvement in the on-field performance.
Then we come to two figures that are a bit less in the limelight, or at least they have been in recent months: Zlatan Ibrahimovic and Geoffrey Moncada, the Senior Advisor and the technical director respectively.
It has been a strange return to Milan for Ibrahimovic, who at the time spoke of only entertaining the notion if he felt genuine influence. After quite a bold and public-facing beginning to life in a suit and tie, things have changed this season a bit.
In RedBird’s mind, his role wasn’t meant to and shouldn’t be the main media focal point. Ibrahimović has ‘radically changed’ his role at Milan over the last six or seven months as a result. In fact, Giorgio Furlani himself (more on him to come) spoke about the Swede in the season presentation.
“There has been confusion about his role. He has been and remains a very important person in the AC Milan project,” he said.
“Zlatan’s role is at the ownership level. His input is on the sporting, commercial, institutional, and representative sides. He is someone who made us win as a player. He has a wealth of skills and a very broad knowledge of the world of football.”
Ibrahimovic’s presence at Milanello has declined, but he remains a regular watching the games at San Siro. Zlatan has been present at all the most important events for the Rossoneri and yet he feels more detached from a day-to-day standpoint. Perhaps it is a deliberate withdrawal.
There have been no interviews or TV appearances in recent months, barring the derby. Zlatan will attend the meeting in June where the season will be reviewed. It is expected that he will have quite a significant say in some of the big calls made – if there are to be any – because Cardinale values his word.
Speaking of taking a back seat, Moncada has not spoken to the media since back in May when he did a string of TV interviews before games towards the end of the season. With Tare’s arrival as a more traditional sporting director, this was perhaps to be expected.
From the moment that Moncada got his promotion to technical director by title, it always felt more symbolic that anything, borne from the regulatory need to name someone in that particular position. The Frenchman’s strengths are well known, and this period out of the spotlight shouldn’t cause panic.
Finally, we come to the two most divise figures: Paolo Scaroni and Giorgio Furlani. There is no point in sugar-coating things: for a sizeable chunk of the fan base, they represent everything that is wrong with the current iteration of Milan.
Both have been at the club since 2018 when Elliott Management seized control from Yonghong Li. Both have backgrounds that are more on the financial side than the sporting side, and both are ultimately boyhood fans of the club.
Despite that last point, they are not well-liked. For Scaroni, it feels as though a lot of the vitriol stems from him being the face of the stadium project, one which has been ongoing for nearly a decade now without any spades in the ground.
Moreover, supporters became tired of what they perceived to be unambitious statements from the president, who should be the figurehead driving optimism. Instead of generating excitement by speaking with clarity about big fans, Scaroni has become the man of ‘the Champions League is our Scudetto’.
Furlani was initially a board member for four years and was made CEO in 2022, when Ivan Gazidis left. Paradoxically, Gazidis was the one who arrived with largely negative reviews from Arsenal fans yet did an outstanding job in a difficult Covid period after inheriting a financial time bomb. He was also quite endearing and charismatic, so they were big shoes to fill.
They have not been filled, not even by someone who should have the best interests of the club at heart. The general consensus is that Furlani is the hedge fund man, the number-cruncher who puts a cap on the fun and – like Scaroni – is happy just as long as that UEFA money is coming in.
There is a bit more to it than that, however. The product of having all of those figures and personalities is that a power struggle and a power vacuum have formed simultaneously. Allow us to explain what that means.
Firstly, the overlap comes from the fact that there are too many people trying to interfere on the sporting side. From the reports that we read, Furlani is not confined to being a ‘corporate’ CEO, instead relishing the chance to have a say on matters related to the field.
We wrote about some of the previous issues this caused back in May of last year, and things have only deteriorated even with the presence of a sporting director who – in theory at least – should be the one to take the reins in squad construction.
In any company and at any club, the buck should stop with the CEO in terms of the most crucial decisions that are made on daily operations, in addition to the owner of course who must oversee the general health of things.
So, when Furlani flew to New York to clarify his full operating powers in a meeting with Cardinale, a wide-ranging response followed. Ultimately it meant pretty much restarting the hunt for a new director from scratch, after Ibrahimovic and Cardinale had begun the casting process themselves.
With Tare chosen and taking office, a media ‘blame game’ has emerged in which either he or Furlani have had different signings attributed to them. For example, some sources say Luka Modric was all Tare’s idea, while others say Furlani pushed through the Christopher Nkunku deal late in the summer.
This is where the ‘power vacuum’ aspect comes in: nobody truly knows who is calling the shots and therefore who should be lauded or lambasted for spending the money well or badly. Again, this is if the Italian media is to be believes, which is easier said than done.
Ultimately the only ones who know how much truth there is in these stories are the ones inside the offices of Casa Milan. Frankly, the notion that as a collective management €35m+ acquisitions would be signed off without unanimous approval seems beyond belief, yet in the Cirque du Milan it is apparently entirely plausible.
Ibrahimovic and Moncada are also dragged into this alleged conflict of ideas when it comes to certain moves. When the chain of command is confused and when people go beyond their assigned duties, that is how tensions arise and if visions do not align, a whole project can get pulled in so many directions that eventually it breaks apart.
Changes, but what?
It is all well and good saying that the current management is not fit for purpose and that alterations are a necessity. Solutions are needed though, either through streamlining, the introductions of new figures, or a bit of both.
In addition to Moretto’s aforementioned comments, recent events have led us to believe that changes might not only be required but logical and natural too, because Elliott Management have left the scene.
It was announced at the end of January that RedBird Capital had taken out a new loan to pay off the outstanding balance of the vendor loan owed to Elliott. As a result, the ownership will now owe money to Comvest, albeit with much better interest rates and a longer agreement date.
It was well known that Elliott retained some ‘influence’ on the Board of Directors, with Furlani (even though he left the fund to become a full-time Milan employee) seen by some as a tie to the old era and the old owners. So, this could and should lead to changes.
Other members include the owner Gerry Cardinale as well as Randy Levine, Robert Klein, Mark Dowley, Gordon Singer, Riccardo Stefanelli, Alfredo Craca, David Castelblanco and Dominic Mitchell. As of 2024, the board was paid more than that of any other club in Serie A.
Back to Moretto we go, who mentioned a name in October that we expect to read and hear more about in the coming months: Massimo Calvelli.
“I wanted to name a name. This new Board of Directors will be in place soon, and these internal positions will be redefined within the organisational chart,” he said.
“I can tell you that Massimo Calvelli, who served as CEO of ATP [Association of Tennis Professionals] for a long time, joined RedBird in July and, from what I understand, will have more and more power, or at least a more prominent role than the one he held until now.”
Calvelli had a professional tennis career and then – backed by a university degree – began a career in marketing and management at major global companies. He was a Global Business Director for Wilson Sporting Goods, a senior executive at Nike and the CEO from 2020 to 2025 of the ATP.
Last year he left tennis and became an Operating Partner at RedBird Capital. Now, his role could foresee more involvement in the running of Milan, if Moretto is to be believed. Given his last role was as a CEO, you see where we are going with this.
There may also be a natural expiry on Furlani’s tenure, too. The current executive will almost certainly stick around until November, for the approval of the financial statements for the season prior. After that, it could be a case that he sees his work done.
What does an effective structure in football look like though? Where else might things shift around to form a more commonsensical unit?
Most would agree that Inter have a sound and competent corporate structure. They have a chairman/president, which is Beppe Marotta. The vice president is club legend Javier Zanetti. The sporting director is Piero Ausilio. Then there is a Chief Revenue Officer (Giorgio Ricci) and a Chief Financial Officer (Andrea Accinelli).
The most important thing is the first three names mentioned. They have one of the most powerful and influential figures in Italian football in Marotta, they have a well-loved public figurehead in Zanetti, and a sporting director in Ausilio whose work is very highly regarded.
How can Milan take inspiration from this? First and foremost, the person at the top has to be strong in every sense. They must be respected in the circles of the Lega Council, and when they speak they must be listened to. Adriano Galliani is the embodiment of this, even if the idea of a return has been cooled.
Our gut feeling is that Scaroni isn’t going anywhere. Regardless of public disapproval he will stay to see out the stadium project, especially because he became a part of the RedBird board last year too, giving an extra layer of influence and security.
If the new CEO is to be Calvelli, or even if it were to remain as Furlani, they simply have to give sporting autonomy to Tare, again presuming he keeps his job. Getting involved in signings and sales is overstepping and only creates the confusion and infighting we have spoken about.
The sporting director and coach assemble the squad, pick the team, handle the training, devise the tactics – everything that goes into things related to the 90 minutes every weekend (and midweek). If the manager and director are not correct they can be fired, but you (Furlani) picked them so you have to trust them.
On Moncada, there isn’t too much to say. He may be a director in title, yet he seems to have slotted nicely back into the role of being chief scout again from an operational point of view. Given the amount invested in young talents since the start of last summer his power still seems to be there. If barely any of it pays off, it will be time to look for new ideas.
There must therefore be a separation of corporate and sporting powers, but also a bridge between everything. This is the role that Ibrahimovic should be performing: an all encompassing role in which he speaks to the players daily, charms potential new additions, aligns strategies with the coach but also reports to the Chief Executive and to RedBird.
It may be too much to ask for someone so new in the job, though perhaps this is why Zlatan has taken a step into the shadows in the past few months, to learn a bit more about his position before coming back more assured.
The elephant in the room is a rather large one, at least in terms of the discussion he provokes and the weight he holds: Paolo Maldini. Many believe the ‘Milanismo’ has been lacking since he departed and they long to see someone unite the environment as he helped to under Stefano Pioli.
There has been fuel added to the fire by the reports that Maldini would only accept either a return to Milan or a job with the Italy set up. It is also clear that his search for greater autonomy led to a split in the first place back in 2023, so the role for him to come back just doesn’t seem there before we even get on to mending relations.
The vice presidency position is one to keep an eye on if Franco Baresi – who currently occupies it but has had a recent health scare – decides to step down, though again this doesn’t feel like a spot in the organisational hierarchy that has the gravitas Maldini would seek.
For now, therefore, Milan remain in a tricky spot. The obvious changes are few, and the ones that could realistically take place are not revolutionary, even if a new CEO would be a potentially large alteration.
Our back-of-a-napkin plan would be as follows: 1) Replace Furlani as the CEO with someone who will focus mostly on corporate matters. 2) Fully empower Allegri and Tare on the sporting side. 3) Utilise Ibrahimovic’s potential as a go-between. 4) Source a figure that has a deep connection to the club but is respected in higher circles, with Demetrio Albertini or Massimo Ambrosini potential candidates.
Above all though our hope is that a meeting takes place at the end of the season to try and extract one key thing: alignment. Milan must have an agreement on the aims, clear ideas on how to get there, and everyone pulling in the same direction. After all, a chain is only as strong as its weakest link.
The power structure is confusing because no one understands what Gerry’s plan for Milan is. The current spending policies only make sense if the club is geared towards an eventual sale. I’m thinking once the stadium is up and coming and possibly the NBA approval comes through. Then Gerry sells for over 2bil.
The power structure is confusing because, like most large corporations, there’s a bunch of hanger oners.
Modern large corporations are top heavy, with overpaid executives risking other people’s while lacking anything remotely approaching original ideas or true entrepreneurship.
That’s why we see the same mistakes regardless of who is in charge.
Maldini and Massara were certainly the best in recent years (with a trophy to prove it) even they wasted money and talent.
It was them – it was Maldini – who forced out Cutrone and who signed multiple players in the same position as his son, Daniel Maldini.
The sad truth is that under them and Pioli Milan didn’t bring through any youth players. Calabria was already established. Maybe they can make a claim to Pobega. But that was it.
A football doesn’t need huge layers of executives and hanger oners.’
It needs a coach and, if done right, a sporting director.
A sporting director is done right when they help build a long term project.
A sporting director is done very badly when they create work (and kickbacks for themselves) by endless wheeling and dealing.
The rest can go and leave the coach, the players and fans are peace.
Go spend someone else’s money.
Garry long term plan is stadium. With sustainable development as the goal
Sustainable development and consistently winning silverware.
In Ibra We Trust
Football-wise we should only be seeing Allegri’s and Tare’s names. The other names should not have any say in the technical aspect. Also no say in the transfer market. They only need to approve a budget and let Allegri and Tare work with it. If I see another last-minute Nkunku transfer I swear they all deserve dea.th
Galliani replace scaroni & Maldini replace foolani, scaroni & foolani is banker, put them in marketing, finance, sponsorship, investor, share-holder kind of thing
Looks like you need some history lessons my fellow fan. Galliani and Maldini are not really fond of each other.
the above dude is misleading.. Gerry’s plan is to make money out of Milan.
Some people calling it no plans, because they deny to see it in the face. Sad.. some people has so little or no knowledge… lol
If it was about money there’s plenty other ways to make money.
Football attracts egos (and sportswashing but thankfully we don’t have to deal with that).
You have no idea what you’re talking about here. Not sure why you’re chiming in.
On a massive scale such as this, there is no other way to make a real profit. We’re not talking selling kits. We’re talking buying a distressed asset, revamping in, cleaning it up, repackaging it and selling it for a massive profit.
i.e. Buy Milan, clean the debt, run it at a profit, build a stadium, in this case get the NBA team attached to it and sell it for 2-2.5billion.
This is the ONLY way Gerry makes a return on his investment.
You’re not wrong but you are over-simplifying. Yes he wants to make money but profit through football club ownership is either indirect or long-term. Money is made through ‘links’ to side projects, long-term through land and overall growth, and there’s also a lot of money to be made out of one’s reputation.
There are plenty of examples of owners treating clubs as a loss-leader (as much as is possible in the current rules) because there are huge benefits to their other incorporated organisations and their partners.
However, I don’t think anyone has an issue with Redbird coming in and NOT being prepared to bet their personal fortunes on a trophy. The issue is the palpable sense that Redbird see Milan as an entertainment product first and a football club second (it’s not just us, I could write an essay on why American money and models are actually the biggest thing taking Italian football backwards) and his leads to a lack of structure on the football side. That’s not to say they never get anything right because they do – if you’re throwing darts in the dark some of them will hit the board – but everything on the football side feels like the reaction of a commitee. “Reaction” and Committee” are not words that belong in a structured plan – you can’t run an organisation with so many moving parts like that.
When Redbird came along I gave them the benefit of the doubt because ultimately, and to be completely honest, I don’t care who owns us if the football is good and the club is healthy – I’m here for the day out. We were owned for a long time by extremely problematic human being and in reality, if you support a big club….your owners ARE problematic people. However, my benefit of the doubt has faded as they have repeatedly shown they don’t understand football and more specifically, Calcio.
We are second in the league right now but I can’t say confidently that we won’t have an awful summer and finish 8th next season. That’s not the sign of a healthy board.
How to fix:
– All must leave as the are all clowns
– Sell the club please.
Problem solved.
What every successful corporation have is a clear division of labour for their top management. Inter is a good example of this as mentioned in the article.
Milan should have-
A CEO to oversee the daily operations of the club
A CFO to oversee the financial aspects
A sporting director to handle sports related issues
A vice president in Baresi for ceremonial things.
Everyone else should just be in supporting roles of the above, but not have any decision powers.
These are the three most important functions and its pretty clear what their division of labour should be. A vice president, a technical director and general advisor to the owners that also get involved in sporting decisions is redundant and will only cause confusion.
Make Cavelli the CEO, keep Cocirio as CFO and Tare as sporting director. Moncada should only work as head scout and submit reports. Scaroni need to go. Make him head of stadium project at most. Furlani should only serve a board memember and Zlatan can keep his role as advisor to Cardinale but at Milan, only be a support to Tare and Allegris ideas of how to build the team, and help them achieve that. Not try to build it himself.
There’s no bombshell. Cardinale pushed Ibrahimovic out of the spotlight last season and Moncada was demoted once Tare arrived. If Cardinale thinks he needs to shake things up, he will. There’s no drama. The stadium is going to be built. A UCL is a probability. Players will be sold and players will arrive. IF they feel they can get an upgrade on Allegri (Inzaghi), they will.
As im seeing things is that without stadium that part of revenues is not in pocket of the club. You can see Juve for example its not that they have success in the last years but still they core (Even that results doesnt tell the same) is stronger. When you thing Vlahivics salary there is too expensive inclluding other players. Same with AC Milan without those revenues the club wont accept big salaries also big transfers and after all the owners say by them self that they idea is a moneyball idea. Buy low sell high. As far as this exists we only hope