Fassone out as AC Milan CEO; Elliott ushers in new era

Marco Fassone, who oversaw AC Milan's massive spending spree last summer, was fired as CEO of the club on Saturday as hedge fund Elliott Management elected new board members.

Elliott - which assumed control of the Rossoneri after former owner Li Yonghong defaulted on a loan payment - named Paolo Scaroni the club's new president and interim CEO.

A permanent CEO will be appointed in the coming days. Arsenal and Roma chief executives Ivan Gazidis and Umberto Gandini have been linked with the role.

"I am humbled by the opportunity to lead AC Milan's Board of Directors, and grateful for the trust and support of my fellow Board members," said Scaroni, who previously served as CEO of Italian oil and gas company Eni. "This is a critical moment in the club's storied history, and we're all grateful to have a new owner committed to return AC Milan to its former glory. At the Board level, we will do everything possible to put the coach and the players in a position to succeed."

Elliott said it will undertake steps to return Milan, a seven-time European champion, to the Champions League. It last participated in the storied competition in the 2013-14 season.

The hedge fund will try to strengthen the team while respecting UEFA's Financial Fair Play regulations.

Milan was readmitted to the Europa League thanks to Elliott's intervention and the promise of a €50-million capital injection.

"The election of a new Board marks another step forward in getting AC Milan back on track," Paul Singer, CEO of Elliott, said in a statement. "Elliott is well positioned to deliver financial stability and proper oversight, the building blocks of on-field success and a world-class fan experience. We recognize the prominent place AC Milan occupies in the football world and are cognizant of the responsibility that comes with owning such a storied franchise."