The prestigious Harvard Business School has published a 24-page document analyzing the case of AC Milan, whose CEO, Giorgio Furlani, is an alumnus of the American institution. The document examines the club's project since Gerry Cardinale's arrival, with various key figures from the ownership and management providing their insights. Below are the statements of AC Milan CEO Giorgio Furlani, as relayed via Milannews.it:
To read statements of Geoffrey Moncada, click HERE, and to read Gerry Cardinale's statements, read HERE.
On the Silvio Berlusconi years:
"I have vivid memories of being at the stadium with my father. Before graduating from Harvard Business School in May 2007, I went to South America with some classmates. On the day Milan played the Champions League final against Liverpool, I was in the middle of the Atacama Desert in Chile and did everything possible to find a TV to watch the match. That was our last Champions League victory."

On Yonghong Li:
"I had never considered sports as a career path. I was pursuing opportunities in finance, working as an analyst for Silver Point Capital and later Apollo Management. In 2010, I joined Elliott as an investment analyst, focusing on public and private equities, private financing, and real estate. The mantra was that any investment idea that seemed promising would be evaluated."
"In early 2017, I got a call from a lawyer who asked, 'Have you ever thought about investing in Milan?' At the time, I thought, 'Football teams always lose money,' so I replied, 'Are you out of your mind? Why would I do that?' But then I learned more about the situation. The lawyer explained that Yonghong Li had agreed to pay €740 million but was €300 million short and risked losing his €200 million pledge if he couldn't secure the funds within three weeks."
Furlani added:
"I thought, 'This looks like a situation where we could achieve a good return regardless of the underlying business,' so I decided to explore it further. After presenting the idea to Paul and Gordon Singer and getting their approval, we asked Yonghong Li, 'How long do you need to repay this?' We suggested three years, but he assured us he had the money, though it was stuck in China, and 18 months would suffice."
"By July 2018, he had stopped injecting money into the club entirely. Since he defaulted on the loan, Elliott took over the club. Saying Milan was mismanaged would be an insult to poorly managed companies, it wasn’t managed at all. Elliott never intended to run a football club; it was a very different kind of investment. We quickly had to figure out the best path forward."
On the difference between Elliott and RedBird, Furlani commented:
"For Elliott, the priority was to restructure the team and stop losing money. For RedBird, the priority is to improve the team to advance the business. While Elliott focused primarily on the sporting aspect, now the focus is likely evenly split between sports and business."
On Milan under Elliott:
"Our goal became to stop the financial losses and live within our means. First, we needed to improve our on-field performance. We knew that if we didn’t win more matches, fans would stop attending, and we wouldn’t have access to revenue from European competitions. By finishing in the top four in Serie A, we reach the Champions League, which is highly lucrative. Second, while sporting success is vital, we realized we couldn't adopt a 'win-at-all-costs' mentality, the extra costs of chasing success could kill us financially. We needed to win more matches while paying our players less. Our squad was simply too expensive. Third, we had to invest in the commercial side. As on-field results improved, we needed to monetize them through sponsorships and other commercial activities. We rebuilt the management team around [Ivan] Gazidis."

On Milan’s results under Elliott:
"After seven years out of the Champions League, we qualified at the end of the 2020-21 season. In May 2022, during the last match of the season, we won the Scudetto. After winning the title, there was a parade through the city. Two double-decker buses carrying players and staff departed from Casa Milan and headed to the Duomo in the heart of the city. What would normally be a 10-minute journey took seven hours, as hundreds of thousands of people flooded the streets to celebrate with us."
On RedBird and Gerry Cardinale’s arrival:
"We had several parties knocking on our door—it wasn’t a secret that Elliott was looking to sell its stake at the right price. In the end, Gerry was the most interested and willing buyer."
On his role as Milan CEO, Furlani said:
"In the summer of 2021, Elliott asked me to temporarily replace Gazidis while he was ill. While he was in the hospital, I helped manage daily operations. When Gerry took over the club, I immediately told him I was interested in staying. I told him, 'I have experience with the club, I know how we can make changes, and I’d provide continuity.' I also highlighted that I have, quote-unquote, his DNA, but that I’m also Italian and a Milanista. The only thing I lacked was experience as a CEO, either in sports or elsewhere. Gerry decided to give me a chance."
On working with Gerry Cardinale:
"What I’ve learned from working with Gerry is that the more points of contact we have, even brief ones, the better. We talk every day, even if there’s nothing specific to discuss. When he’s in Milan, which happens about every six weeks, we spend one or two very intense days together with the management team or others, whether it’s the mayor of Milan or someone helping us develop a new stadium."
On Zlatan Ibrahimović:
"He’s played abroad for Barcelona, PSG, and Manchester United, while in Italy, he’s played for Juventus, Inter, and twice for us. He’s a real team player who wants to work together."
On Paolo Maldini’s departure:
"Letting him go was a historic decision, considering what he means to the club and his authority. But to realize Gerry’s vision for the club, we had to change and move forward."
On pressure at Milan, Furlani commented:
"I was aware of the volatility that comes with media and fan scrutiny, but you can’t escape what’s said on TV or written in the papers. It really gets to you on bad days. Worse days include death threats, like when we sold Tonali, one of our best players. At those moments, I thought, 'Okay, they don’t teach you this at Harvard Business School.'"
On reinvesting transfer revenues:
"Selling a player for €70 million is a great deal, especially in a business generating €400 million in total revenue. But if we reinvest that money in four €20 million players and they all flop, their value drops, and we can’t resell them. Financial management of the squad is critical. Sometimes it’s about structuring the contract correctly. The wrong player bought for €50 million with the wrong contract might be worth zero in a year, but with the right contract, they could still be worth €30 million."
On increasing club revenue:
"To do that, we must focus on sporting results. Sporting success drives revenue, and revenue supports sporting success. It’s a virtuous cycle."
On future plans, Furlani said:
"I want to continue building an organization that’s ready to capitalize on our success on the field with commercial initiatives off the field. We’re still too reliant on the former, but we’ve made significant progress in mitigating risks. There’s still much to do. AC Milan is RedBird’s largest capital investment and probably its most high-profile one, so I understand the need to make progress. We want Milan, Serie A, and the entire ecosystem to succeed."
On RedBird’s potential:
"In the world of sports, media, and entertainment, Gerry knows everyone and can call anyone. With RedBird, we have access to a much broader network of people and companies compared to when the club was owned by Elliott, and RedBird is more focused on commercial growth."
Furlani on evolving in his role:
"I still want to handle negotiations—I’m still a bit of a 'deal junkie.' I haven’t fully transitioned into the CEO role yet. I asked myself: What would I regret on my deathbed? Not taking this opportunity to lead the club I’ve supported since childhood, or diving in? Even on days like today, when our archrival might win the Scudetto at our home (referring to last season), and despite receiving death threats, I’d make the same decision."
