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Gazidis: ‘AC Milan could go bankrupt and be relegated without Elliot’

Gazidis: ‘AC Milan could go bankrupt and be relegated without Elliot’

AC Milan managing director Ivan Gazidis has said that if not for the Elliot ownership of the club, the rossoneri could have gone bankrupt and could have got relegated.

Milan have seen Rino Gattuso leave the club yesterday and with Leonardo set to quit soon, the club are looking for another restructuring. Rumors also suggest that Paolo Maldini could also leave the club in the coming few days.

But in an interview with Gazzetta dello Sport, managing director Ivan Gazidis has defended the Elliot ownership and he feels that without them, Milan could have gone bankrupt and would have run the risk of relegation.

He said: "Elliott saved the club by paying 220 million euros to supply it with capital and meet its obligations at the end of July, otherwise it would have been bankrupt with relegation risk".

"The vision of the property is clear: remove the financial burden from Milan and put it back in the right direction, making it grow and making it a modern club. Elliott has never set a time limit, we don't have a deadline and I don't make promises to shorten the time."