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MILAN (AP) — AC Milan chief executive Ivan Gazidis says the key to bringing the club back to the top of European soccer is to invest in youth.
Financially-troubled Milan has reported a deficit of 145.9 million euros ($161.2 million) — the worst in the club's history — from its first season under the ownership of American hedge fund Elliott Management.
Speaking at a shareholder's meeting on Monday, Gazidis says Elliott's vision "is to bring Milan back to the top of Italian and world football — and not to take 10-15 years to do so."
Gazidis adds that the club has a "clear strategy" on how it will do that.
He says they will "invest in younger players whose best years are ahead of them" and bring in experienced players to help those youngsters develop.
Elliott took control of Milan last year after the club's former Chinese-led consortium missed a deadline to repay part of a loan worth more than 300 million euros ($350 million), that it had used to purchase the club from former Italian Prime Minister Silvio Berlusconi for $800 million in April 2017.
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