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Italian financial expert Pagni: AC Milan being set up for sale

Italian financial expert Luca Pagni believes AC Milan are being set up for a sale.

Pagni believes Elliott Management are putting players up for sale ahead of putting the club on the market.

He told MilanNews.it: "Considering the situation, they accelerated the clear-out of the balance sheet. If Milan had qualified for the Champions League, they would've had an extra €39m at least in revenue. With that money, everything would've changed and they probably would've decided to make a more conservative balance sheet, postponing this process.

“The big problem we see here is that the sponsorships have dropped and so has the overall revenue. So far, Ivan Gazidis has shown no progress on that front.

“On top of that, the cost of personnel has increased enormously with an extra €35m, a part of that going on the salaries of Gazidis, Leonardo and Paolo Maldini.

“So faced with this complicated situation, and the poor sporting results, they decided to accelerate the process by getting rid of all the dead weight in one go, including old contracts.

“I was frankly surprised Elliott didn't do this in the last financial year, but as they had just arrived, it perhaps wasn't possible. I am not saying that they will certainly sell in the short-term, but that evidently this is being done to make the club more appetising for a future buyer.

“Milan don't have debts with banks, so in case of due diligence, the potential buyer would find a clean slate."

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Transfers
Carlos Volcano
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Carlos Volcano

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