The Small Shareholders Association (APA) have backed the current direction that the club are heading in under Elliott Management.
The AC Milan Shareholders’ Meeting was held this morning at Casa Milan with the purpose of approving of the financial statements. As was reported weeks ago in the media, the Rossoneri closed the 2019-20 financial year with around €190m in losses, which is a club record but is a situation heavily influenced by the loss of revenues due to Coronavirus.
As always, the Small Shareholders Association were present at the meeting, which took place over a video call due to the ongoing Coronavirus pandemic.
The APA Milan voted to approve of the 2019-20 financial statements and the other items on the agenda, among these the new structure for the board of directors.
Auro Palomba – who chairs the APA – spoke after the meeting took place, with PianetaMilan transcribing his declarations.
“APA Milan has decided to vote in favour of the budget and to support the choices made by the shareholder Elliott and the management led by Paolo Scaroni and Ivan Gazidis,” he said.
“It seems to us that AC Milan have started the right path, both on and off the pitch, to go back to where they belong, in the empyrean of European football. We particularly appreciate the fact that, with the entry of Massimo Ferrari, there are now two APA Milan shareholders on the company’s board of directors, in addition to the Chairman of the Board of Statutory Auditors, confirming the authoritativeness of the small shareholders.”