Marco Fassone Thread
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Jasper
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“Our fans represent a very important part of the club, as I always say. We’ve got the shareholders, the owners, and the millions of people who follow and love Milan,” said Fassone.
“I maintain that we at Milan, especially after 31 years of extraordinary ownership which for 27 years won absolutely everything and took Milan to the top of the world, must be absolutely transparent.”
Yet questions remain over the exact nature of Milan’s financing with a loan from the Elliott hedge fund and they are to present a new Financial Fair Play plan to UEFA next month.
“In the first few years of FFP, there wasn’t the option to sign a voluntary agreement, and there was a revision of the UEFA parameters.
“All norms are created and then progressively adapt to the reality of events. Many clubs tried to find loopholes and ways around it with loans that had an obligation to buy at the end of the season, or sponsorships that are paying excessive sums compared to the real market value.
“We will be the first club to sign a voluntary agreement. We met the commission in May, just 20 days after we took over, and considered it opportune to postpone the presentation of our plans by six months so they could be more reliable.
“We have an appointment with the FFP commission in November where we will present our plans for the next few years. We made strong investments to get us back to a high level and respect the FFP parameters that predict a maximum of €30m losses.
“If we are able to write the voluntary agreement, it’ll be done by the end of 2017. I hope UEFA share the strategic choices that we made and sign on to this agreement too.
“The refinancing of the debt with Elliott is something we’d like to complete by the start of 2018. We have already begun a series of negotiations and meetings with the financial world, foundations, banks, etc, and I am confident this can happen by Spring on conditions that will improve the situation for both Milan and the holding company.
“I hope we can achieve Champions League qualification, either via Serie A or by winning the Europa League. However, if we don’t manage it, that doesn’t mean we’ll close the books and fold by the end of the year. We would obviously have to adapt, but it wouldn’t be the end of the world.”
https://www.football-italia.net/110686/fassone-milan-ffp-plans
“I maintain that we at Milan, especially after 31 years of extraordinary ownership which for 27 years won absolutely everything and took Milan to the top of the world, must be absolutely transparent.”
Yet questions remain over the exact nature of Milan’s financing with a loan from the Elliott hedge fund and they are to present a new Financial Fair Play plan to UEFA next month.
“In the first few years of FFP, there wasn’t the option to sign a voluntary agreement, and there was a revision of the UEFA parameters.
“All norms are created and then progressively adapt to the reality of events. Many clubs tried to find loopholes and ways around it with loans that had an obligation to buy at the end of the season, or sponsorships that are paying excessive sums compared to the real market value.
“We will be the first club to sign a voluntary agreement. We met the commission in May, just 20 days after we took over, and considered it opportune to postpone the presentation of our plans by six months so they could be more reliable.
“We have an appointment with the FFP commission in November where we will present our plans for the next few years. We made strong investments to get us back to a high level and respect the FFP parameters that predict a maximum of €30m losses.
“If we are able to write the voluntary agreement, it’ll be done by the end of 2017. I hope UEFA share the strategic choices that we made and sign on to this agreement too.
“The refinancing of the debt with Elliott is something we’d like to complete by the start of 2018. We have already begun a series of negotiations and meetings with the financial world, foundations, banks, etc, and I am confident this can happen by Spring on conditions that will improve the situation for both Milan and the holding company.
“I hope we can achieve Champions League qualification, either via Serie A or by winning the Europa League. However, if we don’t manage it, that doesn’t mean we’ll close the books and fold by the end of the year. We would obviously have to adapt, but it wouldn’t be the end of the world.”
https://www.football-italia.net/110686/fassone-milan-ffp-plans
Jasper
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you agree to show your books to have levy with the treatment.
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Marco Fassone insists “it won’t be a decisive Derby della Madonnina” for Vincenzo Montella but hopes Milan’s rebuild “won’t take too long.”
Montella is under pressure to deliver a win against Inter on Sunday, with Milan having lost three of their last six Serie A matches, but Fassone made it clear the Coach had his backing for now.
“It won’t be a decisive derby for Montella,” said the CEO after Lega Serie A had accepted an offer for foreign TV rights.
“The Coach has our complete confidence and I reiterate the confidence and esteem I have for him.
“We started a long-term project, not one for 7-8 days. We all know that it takes some time, although we hope it won’t take too long.
“The derby won’t be decisive for Milan either. It’ll certainly be an important one because we come into this match after two defeats, but ‘decisive’ is a big word.”
Montella is under pressure to deliver a win against Inter on Sunday, with Milan having lost three of their last six Serie A matches, but Fassone made it clear the Coach had his backing for now.
“It won’t be a decisive derby for Montella,” said the CEO after Lega Serie A had accepted an offer for foreign TV rights.
“The Coach has our complete confidence and I reiterate the confidence and esteem I have for him.
“We started a long-term project, not one for 7-8 days. We all know that it takes some time, although we hope it won’t take too long.
“The derby won’t be decisive for Milan either. It’ll certainly be an important one because we come into this match after two defeats, but ‘decisive’ is a big word.”
Az.
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Such a gentleman, he is giving Montella fair warning before he rapes his useless ass.
Az.
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Still hoping that's true after yesterday's shameful display. Hoping they are just trying to get a world class coach, and that's why they are biding their time.
On another note, while Montella is a useless sack of shit, their summer market was at best a 7/10 if you look at it.
They gambled on too many mediocre players who had a few sparks of brilliance here and there, and they gambled lots of money on them.
Az.
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Event if it's 7/10, that's Montella's fault as well.
F&M discussed all transfers with the coach.
And the coach didn't have a plan even in the summer.
We bought some players that can play winger formations and some players that can play 2 striker formations.
Well true they consulted with the buffoon, but ultimately they are responsible for how we spend money.
Given that Montella's ideas were at best all over the place on how we should play, they should have drawn a line and say okay this is the budget, you either present a formation to work with it, or get the fuck out of here.
They basically just threw money at a guy, that had no clear plan on how he wants to play ( he even fucking said so himself in many interviews), and hoped for the best.
That's not really what you might call top management. Where they really shined compered to our previous management, is actually using social media properly to promote Milan
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Fassone statements to the shareholders:
Rossoneri97
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Fassone statements to the shareholders:
How to the heck is the new sponsor better than the old one if we getting less money??if we can't win shit the bonus will just be useless!
Ash
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I don't see anything wrong here. He's saying we're paying our debt as scheduled, we aren't buying players in january only if something like Bonucci deal comes along (2 good 2 turn down), we got a new - better sponsor, we're selling stuff in China... All we need to do is kick Montella out of Milan and we're good.
+++1000000
I guess everyone expected him to say - we will splash money left and right until we win everything?
Absolutely nothing wrong with his statements.
The plan is to break even in 3 years. So we need to build up sponsorships and cut our expenses to the minimum.
Massaro94
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Fix em.. like juve
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i very much prefer fabio bazzani to this one zille
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On stadium:
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Where does it say that the sponsor is better ???
It says it has the potential to return more.... but its tied to performance
It says it has the potential to return more.... but its tied to performance
better bonuses for sporting and commercial success. Our sales have gone up since we're selling in China. Previous deal included only Europe, this one is global.
Iguessthisisit
Primavera
It’s reported Milan have agreed a deal to refinance their loan from Elliott Management, though with a higher interest rate.
The Rossoneri were taken over by a Chinese consortium in April, financed by a loan from the U.S hedge fund.
Under the terms of the deal, if the €303m - circa €350m with interest - isn’t repaid within a year Elliott can take over the running of the club and sell their assets to get their money back.
As a result, owner Yonghong Li and his Rossoneri Sport Investment group have been looking to refinance the deal, and Corriere della Sera reports a deal is close with Highbridge, owned by JPMorgan Chase.
An eight week exclusivity deal has been agreed for due diligence, on a plan which would see the debt refinanced and paid over five years.
The new financing deal would be worth around €400m, with €250m falling on Rossoneri Sport Investment and €150m on the club.
In addition, there is the possibility of accessing a further €100m in the future if the club meets the targets set out in the business plan they’ve submitted to Highbridge.
The business plan is conservative in terms of sporting results, banking on the Europa League rather than the Champions League, but there are more ambitious targets for growth in China.
The deal has been in the works for some time, so there is confidence that an agreement can be signed before the eight week deadline.
If the deal is done, it would remove the spectre of Elliott from over the new owners and allow them more time to pursue their sporting and financial goals.
Yongloan Li
The Rossoneri were taken over by a Chinese consortium in April, financed by a loan from the U.S hedge fund.
Under the terms of the deal, if the €303m - circa €350m with interest - isn’t repaid within a year Elliott can take over the running of the club and sell their assets to get their money back.
As a result, owner Yonghong Li and his Rossoneri Sport Investment group have been looking to refinance the deal, and Corriere della Sera reports a deal is close with Highbridge, owned by JPMorgan Chase.
An eight week exclusivity deal has been agreed for due diligence, on a plan which would see the debt refinanced and paid over five years.
The new financing deal would be worth around €400m, with €250m falling on Rossoneri Sport Investment and €150m on the club.
In addition, there is the possibility of accessing a further €100m in the future if the club meets the targets set out in the business plan they’ve submitted to Highbridge.
The business plan is conservative in terms of sporting results, banking on the Europa League rather than the Champions League, but there are more ambitious targets for growth in China.
The deal has been in the works for some time, so there is confidence that an agreement can be signed before the eight week deadline.
If the deal is done, it would remove the spectre of Elliott from over the new owners and allow them more time to pursue their sporting and financial goals.
Yongloan Li
