Carlo Festa (Sole 24 Ore): «Furlani Will Stay — Cardinale Cares About the Books»
Amid the growing debate over the future of AC Milan’s leadership, a sharp and in-depth analysis has emerged from Carlo Festa, financial journalist at Il Sole 24 Ore, interviewed by Milan News. At the heart of his reflection is the figure of Giorgio Furlani, Milan’s CEO, and the relationship between the Rossoneri and the American fund RedBird Capital Partners, led by Gerry Cardinale.
The Forecast: Furlani Will Remain in Charge
“My impression is that Furlani will remain as Milan’s CEO next year as well,” Festa states with conviction. The reason, according to the financial journalist, is straightforward but thought-provoking: Cardinale cares more about financial management than sporting results. A reading that makes you think — and one backed by recent events.
Furlani has proven capable of keeping the books balanced even in difficult situations. The most recent and telling example concerns Milan’s failure to qualify for the Champions League last season: to cover the financial gap — which can be worth between 70 and 90 million euros — the club sold Tijjani Reijnders, sacrificing one of the squad’s key assets. A painful move on the sporting side, but effective on the financial one.
RedBird and Managerial Continuity: An Open Question
Festa also highlights something that has always struck careful observers: Cardinale has never changed the managers inherited from the Elliott era. “Usually, when a new shareholder arrives, some managers are replaced,” the journalist notes. Instead, the RedBird chief opted for continuity, keeping in place figures who were already in charge under the previous owner — a choice that, for Festa, remains an open question mark.
Without Champions League, Milan Would Face a Brutal Financial Squeeze
Should Milan fail to qualify for the next Champions League, the consequences for the squad and the market would be severe. Festa is direct: there would be a further tightening of costs, with inevitable player sales. Names such as Luka Modrić — who will almost certainly not renew his contract — but also Massimiliano Allegri, Mike Maignan and Adrien Rabiot could leave Milanello. “If you miss the Champions League two years in a row, top players choose other clubs,” warns the Sole 24 Ore journalist.
The Comparison with Inter and Atlético Madrid
Festa is keen to stress that not all investment funds operate the same way. “It’s not true that funds don’t care about winning,” he clarifies, citing Inter — who won the Scudetto under Beppe Marotta — and Atlético Madrid, both fund-owned yet capable of delivering sporting success. Even under Elliott, Festa recalls, Milan managed to win: the arrivals of Paolo Maldini and Frederic Massara, and before them Zvonimir Boban and Leonardo, laid the foundations for the 2021-22 Serie A title.
“The problem is that Cardinale is not interested in winning — he wants balanced books, year after year,” Festa concludes. A management model that might work in any other industry, but which at a football club — especially one with Milan’s history and fan expectations — risks creating an ever-wider gap between supporters’ ambitions and ownership priorities.
Winning and Balancing the Books: An Impossible Challenge?
Perhaps the most effective summary of Festa’s thinking is this: “If Milan were a company in any other sector, Furlani would be praised. The problem is that Milan is a sports club, and here you need to combine sporting results with economic ones. That’s what makes a great executive.” A reflection that raises serious questions about the RedBird model and what kind of Milan we want to see in the coming years. The hope of the Rossoneri faithful remains alive: that the leadership will find the right balance between healthy finances and the ambitions of a great European club.
