Fassone replies to Pallotta explaining the situation
Marco Fassone, after the direct accusations by James Pallotta, president of Rome (read here), spoke through the AC Milan’s Facebook page of Milan, releasing the following statements and answering point by point.
On Pallotta’s criticism of the alleged 300 million loaned to buy Milan.
“I have to say that I am astonished, when I read these statements this morning, first the style, it is unusual – at least in Italy – that a club attacks so directly and with this terms a competitor, second because of the inaccuracies contained in these statements. To say that Milan’s ownership does not have the money to buy the club is wrong, when we all know that any operation of this entity is usually done with leverage. He mentions totally wrong figures. Everyone knows that part of the fund’s money referred to by President Pallotta, the Elliott fund, to finance the acquisition of Milan – is 180 millions for the total value of the club of 740 millions. I repeat, inaccuracies on the one hand and style on the other, are at least questionable“.
On Pallotta who claims that Milan will pay the consequences of this excessive expenses.
“I do not know what he refers to when he says ‘will pay the consequences’. I do not know whether it is a threat or not, as we all know, we issued a bond of 50 million euros – which is fully destined to fund this summer transfer market campaign. We are currently largely below the consumption of this bond. There are multi-year plans that, besides having formed a CDA (Council of Administration) that is made up of quality characters such as Paolo Scaroni, Marco Patuano, Roberto Cappelli, who should be for any fan and any Italian the best possible guarantee. We presented it to UEFA under a Voluntary Agreement. Is public and can be seen quietly by President Pallotta. So they are threats, if they are threats, who frankly dismiss them to the sender“.
On Pallotta who claims that Milan’s salaries will be equal to earnings one day.
“I do not know how he can think that Milan’s salaries tomorrow may be equal to revenues. All our plans for salaries remain on the threshold that is between 50% and 60% of the club’s revenues. This also worthy for this year. We started from a very low threshold, because with the previous management the salaries were below a fairly competitive threshold. I returned to the discussion of the club’s the indebtedness. The club’s level of indebtedness is 120 million euros and compared to the club’s revenue, it is extraordinarily better than what Roma has, which is unlucky because it’s listed on the stock exchange and therefore its budget is public. I can not comment on it, but anyone can go and see the their level of indebtedness“.
On Pallotta who does not understand how Milan can spend in this way and that, according to him, are losing their head.
“I do not care that President Pallotta does not understand how Milan can spend, what worries me more is when he claims we are losing our head. We are managers and not fans, every investment is calculated and based on the fact that you are thinking of repaying it with the additional revenues that this investment will bring. I would like to take it into account the fact that the players that we have acquired so far are players who are part of the club’s assets, who have value. When you buy a company – and the president does it because it’s his daily job – you look at the assets it has and in our case the assets are almost exclusively players. The ones we have signed are young and of great prospect and that we think they will give us excellent sportive results in the short term and economic outcomes in medium-term. Milan goes on, surely the president’s statements have given me a nice wake up. I truly renew the invitation, when he wants to, I’m here in Italy and work 20 hours a day for Milan. I am at his disposal to confront my own financial statements with those of Rome. If I have to learn something I’m available to learn it but the criticisms made in this way it’s really annoying“.