AC Milan AGM: For first time in 30 years, minority shareholders oppose Board nominees
Before Galliani ended proceedings, shareholder Magrati charged back into the fray: "The situation is objectively complicated following the losses posted both this and last year. I criticize the board for it and announce here that I will vote against its permanence, in such a difficult sporting situation we should have done better with the club's sale. I recognize that Mister Galliani has turned up to these proceedings, but I won't be renewing the mandate of a board that hasn't even shown up, and whose successes and failureshave led us to our current predicaments. I oppose not you [Galliani] but the board".
Shareholder Bonfadini Bossi: "The club's board, the club's front office and all of us are very much responsible for the club's economic decline. Wouldn't it be fair to reduce the board memebers' remuneration?
18.29 FOR THE FIRST TIME IN 30 YEARS, THE SHAREHOLDERS NAME AN ALTERNATIVE BOARD - Silvio Berlusconi's comapany, Fininvest, names the same board as before, and proposes that they decide how to partition the €3.025 remuneration they are owed.
Shareholder Scala strongly opposed it: "Milan's small shareholders propose an alternative list of 9 members, aka Gianni Rivera, Paolo Maldini, Demetrio Albertini, Zvonomir Boban, Clarence Seedors, Pierangelo Rigattieri, Davide Grassi, Alessandro Dubini and Fabio Treves".
18.25 Shareholder Edoardo Barone, speaking on behalf of the small shareholders, declared that: "the minority shareholders demand a vote, in light of what we have learned about the club's 2015 budget: we're an association born to protect Milan's priceless name and image on the fans' behalf. We're not just worried by the club's poor results, but the way in which it is run. The shareholders are confused, they feel that ownership is too detached. We're losing Milan's identity. As we're trying to grow on an international scale, the shareholders vote against the 2015 budget." It was approved by a majority of shareholders.
18.20 - Adriano Galliani responds to shareholders' questions:
'A stretegic long-term plan must be made respecting the FFP rules'
'AC Milan's new headquarter (Casa Milan) has helped us to gain € 6.4 million in revenues'
'Negotiations to build a new stadium collapsed due to reasons which have nothing to do with the club's management. We are still planning to build a new stadium'
'I can confirm that we've provided wnough details on expenses for player agents and footballers.'
'We have a plan to optimise the number of workers at AC Milan.'
'Costs to improve San Siro are also linked to the Champions League final. We are working turn the club's fortunes around.'
16.45 - The meeting is temporarily sospended. Mr Galliani will reply to shareholders' questions after the break.
16.42 - Mr. Zanardi raises questions over the club's finances, the growing debts (€ 48.15 million) towards football player agents and players' prices.
16.29 - Mr. Malgrati, another shareholder, criticizes the club: 'We were the best club in the world only 5-6 years ago. We became a joke that is not even funny anymore: we say something, but we do the opposite thing. Each season the team is supposed to be competitive, but results tell the opposite. There are only 3-4 players who are at AC Milan level. The 'pilot' has to be blamed, not managers. Managers must be left calm. I don't think that what has been happening over the last four years it is a wise managment of club, managers and resources. How will the club deal with the drop of season ticket holders?'
16.25 - AC Milan shareholder Mr. Gatti hits out at Adriano Galliani: 'It is not always the managers' fault. The board, Mr. Berlusconi and Mr. Galliani are responsible for what is happening at the club. When Berlusconi bought the club from Farina there were already some champions in the team. Who are AC Milan's champions now? We started Juventus' dominion. Buying Matri was a gift to Juve and I expected Mr. Galliani to hand his resignation in and Mr. Berlusconi to begin a generational change.'
16.05 - The meeting begins
AC Milan shareholders meeting is scheduled for today at 4pm (Italy time) in Milan. The Serie A side lost € 89.3 million in 2015 but last year’s budget should be approved during today’s meeting.
Small shareholders (very small, they only own the 0.3 share of the club, the remaining 97.6 belongs to Berlusconi’s Fininvest) will ask questions about the club’s financial troubles and the team’s struggles on the pitch.
In the meantime, Alibaba’s owner Jack Ma has played down rumours linking him with acquiring a majority share of the club and Baidu, another China company, has emerged as willing to seal the club’s takeover.
Small shareholders’ want Berlusconi to sell the club, their lawyer Giuseppe La Scala stated: ‘AC Milan is technically in bankrupt, they are losing half of their sales volume.’
CM.com staff, translated by Lorenzo Bettoni
