"As reported in advance by Calcio e Finanza, and as the author who has reviewed the Chamber of Commerce documents can confirm, the current CFO of AC Milan, Stefano Cocirio (who joined the AC Milan Board of Directors in 2018, at the time of Elliott's investigation together with Furlani, both initially as directors) has resigned as a member of the Board of Directors of Stadio San Siro Spa (operating vehicle) and NSM Holding Spa (which owns 100% of Stadio San Siro Spa)."
"Cocirio has been replaced by Massimo Calvelli, Operating Partner of RedBird, who is increasingly involved in the Milan project. The replacement of a club executive with a fund Operating Partner on the boards of the stadium companies is no ordinary matter. It signifies RedBird's intention to exercise direct control-unmediated by the operating structure on Via Aldo Rossi-over the real estate asset that is the heart of its investment thesis."
"It is nothing new for a stadium to have a board of directors to make decisions regarding certain things. Of course, with the stadium shared between two parties, it makes even more sense. This means neither Inter nor Milan will have more say than the other on certain things, like the design."
Stefano Cocirio resigned from the boards of Stadio San Siro Spa and NSM Holding Spa, the companies operating and owning the San Siro stadium. Cocirio had joined AC Milan’s board in 2018 and previously served as CFO. He was replaced by Massimo Calvelli, an Operating Partner of RedBird, who is increasingly involved in the Milan project. The change shifts board representation from a club executive to a fund operating partner. Because the stadium is shared between Inter and AC Milan, board decisions affect areas such as design and other operational matters. The replacement indicates RedBird’s plan to exercise direct control over the stadium real estate asset.
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