AC Milan chief Ivan Gazidis says he's happy to take up the challenge of leading the club back to football's summit.

The former Arsenal CEO was speaking at a sponsors' event.

Gazidis said, “This club have an important place in the minds of football fans. The last few years haven't been easy, but we have to bring Milan back up.

“I'm very excited to be here, I work with great professionals. It's all truly incredible. I'm optimistic but it won't be easy.

“We have many obstacles to overcome and respect UEFA, but the club are strongly committed to bringing Milan back up.

“I'm happy to be part of this project, it's a huge honour. I spend a lot of time with all football institutions.

“We respect the guidelines they set. We've appealed UEFA's ruling and until there's a ruling on our appeal, we won't know the limitations and restrictions.

“At this stage, UEFA don't need to bless everything we do. The club must return to having a sustainable financial model.

“I was there when Financial Fair Play was created, not to punish the teams but rather to help them get back on to a more sustainable path.

“Compared to eight years ago, the club's losses have fallen, also thanks to FFP. We want to respect it, but there must be a path for clubs like ours who want to get back up.

“This club must build a solid foundation on which to build our future. We have strong owners so I'm optimistic for the future.

“I don't know how long it'll take. We're all very much involved, but Italian football must also go back to being a point of reference."