Today, AC Milan’s Shareholders' Meeting was convened to approve the 2023/24 season financial statements, which will see the club achieve a net positive result for the second consecutive year.
The Small Shareholders’ Association, however, will not be attending this meeting. This does not refer to all small shareholders of the club but rather a limited group united under the same association.
"The Association of Small Shareholders of AC Milan S.p.A. will not participate in the Shareholders' Meeting on October 28, 2024. This is a form of protest against the abrupt – and above all, unexpected – closure by the current Board of Directors of negotiations that have been ongoing for years to reach an amicable solution that would allow 220 APA supporting members to become shareholders in their own right, following the allocation to them in 2018 of shares whose transfer had been explicitly agreed upon with the AC Milan S.p.A. Board of Directors at that time," a statement reads. "These 220 supporting members have waited patiently and silently for six years for an agreement to be reached, without ever making any claims or raising any disputes. Indeed, there is not a single action that can be attributed to them, further proving the seriousness and loyalty of these individuals to our Milan."
"In these years, APA representatives, as well as other minority shareholders, have always contributed to the assembly with absolute correctness, participating with competence and preparation in the debates and enabling the club to engage in a true and effective dialogue within its most important governing body."
"It is clear that these are fundamental conditions that should be valued by everyone who cares about a high-quality, progressive governance, which would be further enhanced by the presence of a widespread, well-regulated shareholder base, as APA has repeatedly proposed. The Small Shareholders represented by APA had placed great trust in the ongoing negotiations, during which it seemed that a solution (albeit not ideal) could be reached, and are now greatly disappointed and disillusioned," concludes the statement.
At the last shareholders' meeting, Milan President Paolo Scaroni commented on APA's grievances:
"RedBird owns 99.97% of Milan; the remaining shares account for 0.03%, with hundreds of shareholders, some of whom have joined APA, which represents 0.02% with a total investment of 23,000 euros. Milan engages with shareholders at the shareholders' meeting. APA is not an association of shareholders but of fans; therefore, within the limits set by the FIGC, we engage with fans. Mixing the two things complicates matters for us," as relayed via Calcio & Finanza.
The APA statement also references the recent investigation involving organised fan groups of both Milan and Inter: "This decision against passionate and qualified members appears all the more paradoxical at a historical moment like this, in which the Milan judiciary has launched the 'Two Curves' investigation, whose details are widely known due to regular media coverage. It is a source of great embarrassment.
"Meanwhile, APA and its members have never requested – and will never request – any advantage for themselves, having instead subscribed to capital increases and season tickets and purchased tickets (at ever-higher prices) for matches, thus contributing their own money to the club's coffers. We believe this is a missed opportunity for AC Milan S.p.A., and it is with great regret that we find this of no interest whatsoever to its directors."
