Shrewd Choices by Elliott Propelled Milan to the Title

Milan and Elliott saw a multi-year plan fully come to fruition with the Scudetto. The fund took over the club in 2018 after some dark campaigns and managed to lead it back to winning ways thanks to multiple cunning moves.

They put Ivan Gazidis in charge once they got the team from Yonghong Li as the Chinese entrepreneur failed to meet the deadline on repaying his loan. They have refused to generate debt with the banks by routinely pouring in money, €560M, in equity, Calciomercato indicates. The new bigwigs elected to gradually lower the payroll and struck several new sponsorship deals to help the finances.

Thanks to the strategy by Elliott, Milan are faring significantly better than Inter and Juventus financially speaking. Their debt amounts to less than €100M, while the rivals are at around €400M. They will close the next balance sheets in the red for just €50M.

The fund also made a few key decisions on the technical side. They trusted directors Paolo Maldini and Frederic Massara after a rocky split with the more experienced Zvonimir Boban. Ownership ultimately sided with them when they insisted to keep Stefano Pioli at the helm despite the advanced talks with Ralf Rangnick in 2021.

Milan and Elliott have often refused to cave to the lofty demands of the players. They let Gianluigi Donnarumma and Hakan Calhanoglu walk last summer and will do the same with Franck Kessié. They have displayed great patience in the transfer market. Most of the youngsters they signed have panned out.