The corporate and project revolution at Milan is officially and increasingly taking shape. Today Gerry Cardinale and Ruben Amorim presented the new season, and sitting in the front row was also Massimo Calvelli, who has fully entered the operational governance of the Rossoneri club in his new role as chief executive officer.
In his new role, he will have important responsibilities and delegated powers, including a commitment involving signing authority in the transfer market. Calcio e Finanza, has revealed the documents that certify the obligations and duties of the new CEO.
Calvelli will have the authority to sign off on transactions with a maximum gross spending limit of €50 million.
When calculating the value of the operation, only the value of the player’s registration rights and the financial commitments towards the club from which the player is purchased must be counted. This calculation must also include deferred components and bonuses. The cost of the player’s salary and commissions, however, will not be included.
For transactions with a value exceeding €50 million and up to a maximum of €100 million gross, the joint signature of either Cardinale or president Paolo Scaroni will also be required, Calcio Mercato.
Among Calvelli’s delegated responsibilities is the stadium project.
He will be responsible for managing relations with institutions and public authorities, in coordination with Inter, for the construction of the new stadium, which is considered fundamental to the club’s future sporting and economic strategies.
From a financial perspective, Calvelli will also have administrative powers regarding the opening and closing of bank accounts and credit lines. In these cases too, the joint signature of Chief Financial Officer Stefano Cocirio may be required for transactions with a value between €5 million and €20 million gross.
