Fassone has no right to sue AC Milan, Elliott and the fans saved the club
The balance sheet of Yonghong Li's management is not positive and the enforcement of the pledge on July 10 by the Elliott fund has sanctioned the exit of the Chinese ownership and the poor management of the managing director Marco Fassone.
The most interesting fact that emerges from the Rossoneri budget is certainly the certification of the Business Plan presented by the now-former CEO of the club and the bankruptcy derived from a specific commercial item.
It must also be remembered that in the budget it has always been stated that Fassone could sue the club for dismissal for just cause. Moreover, Fassone included a target of at least 90 million euros in revenues from Milan China in the business plan. The final figure recorded in the financial statements was only 606 thousand euros.
A worrying figure that bears witness to the failure of a business plan in which, in 5 years, revenues from China should have represented over 45% of the turnover with an annual growth of 21%.
As reported by Calcio e Finanza, Juventus, for example, in the five-year period from 2011 to 2016, had a growth of 12%. The bankruptcy is evident and certifies how, in addition to the Elliott fund, Milan should thank its fans.
In fact, in the business plan, Fassone expected to receive 23 million euros from the box office. The Rossoneri fans, however, showed attachment to the shirt by raising the actual figure put in the budget to 35.3 million, compensating, albeit in a small part, the lost revenue from China.
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