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The recovery of AC Milan

AC Milan went bust, failing both on the pitch and financially.  After years of practically non-existent management it was spraying money on players and losing €150m a year despite turning over €200m.  Tycoon politician Silvio Berlusconi treated it like a toy.

Berlusconi sold the club to a Chinese investment group which financed the purchase with a loan from US investment group Elliott.  But the Chinese group soon went bust and Elliott took over.  Last month Elliott sold it to US sports club owner RedBird Capital Partners for $1.2 billion, representing a tidy if undisclosed profit.

Chief executive Ivan Gazidis, formerly of Arsenal, completely changed the business operation.  He prioritised partnerships and sponsorships - 'low hanging fruit' that had been neglected.   He invested in better support for the sales teams and software for clients to measure the return on their sponsorship money.

Partnership revenues have increased from €50m when Elliott arrived to €150m, largely from new overseas sponsors.    He also invested in improving the club's digital content.

Gazidis's contract with the club is about to expire and he is not expected to stay.  The bigger challenge for Serie A is to overcome a reputation for poor quality grounds, corruption and bankruptcies.  

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