“My job is to ensure that an investment is efficient even if the objectives on the pitch are not met. We are implementing a cautious plan that can also be developed over a longer period of time. However, I would be more in trouble without the qualification to the Champions League for two or more years in a row.” – said Milan’s CEO Marco Fassone in an interview released to the Italian outlet Corriere della Sera.
The CEO of the Rossoneri has no doubt even on debt issues.
“Milan had €75 million debts that we transferred from the banks to the fund Elliott, which is a bit more expensive, interests is at 7.7%. Then we issued a bond of €50m to meet the needs of the summer market. We can definitely say that €120m in debt on over €200m of turnover is not bad at all. Other clubs are in a worse situation. In addition, the 2017-2018 season, given the huge investments that we are making, will report significant losses. Mr Li will, therefore, increase the capital injecting more money into the club.
Milan’s acquisition cost over one billion. It’s impossible to think that this operation could have been done without financial leverage. Also, Mr. Li had to change his plan due to the new financial regulations that the Chinese government imposed while the acquisition of the club was not yet completed.”
The current transfer market window saw Milan very active so far and many fans are wondering how the club can spend so much. Marco Fassone clarified the situation stating that the overall budget at his disposal is around €100 million.
“I am looking forward to signing another player soon (Conti). Then we will think about selling some of our players. A hypertrophic roster does not help the coach. Only then we will be able to asses our remaining budget.”
Fassone admitted to be still in contact with the former president Silvio Berlusconi, a man always keen on giving suggestions for the sake of his beloved club. Milan’s CEO also highlighted Mr.Li’s personality and way to do business.
“He is very different from the presidents we are used to. It will be much less visible. He is not an entrepreneur with a single company, he is an investor.
Mr.Li has important and diversified assets, he travels a lot and he is based in several cities in China. His right arm is Li Han, a man with whom I am in contact on a daily basis.
I talk with Mr. Li once a month. He firmly believes that Milan can help his businesses because the club is the most loved in China.”