Giorgio Furlani’s Future at AC Milan: Analysis of the Four Possible Scenarios
The name of Giorgio Furlani continues to dominate discussions in the world of AC Milan. Speculation about his possible departure from the helm of the Rossoneri is growing louder, and lawyer Felice Raimondo, a corporate law expert, has shed light on how such an exit could unfold in a detailed analysis published on his Substack profile.
The matter is far from straightforward: Furlani cannot simply get up and walk away. The Chief Executive Officer mandate does not belong to him as an individual — it is formally granted by the Board of Directors. This means that any transition must follow precise statutory and procedural rules.
Scenario 1: The Board Revokes the Mandate, Furlani Stays as a Director
In the first scenario, Furlani informs Gerry Cardinale that he is no longer willing to continue as CEO. The Board of Directors then formally proceeds with the revocation of the mandate, but Furlani remains on the board as a simple director. A solution that would ensure institutional continuity while marking a clear shift in operational roles.
Scenario 2: Cardinale Refuses and Keeps Furlani Until Autumn
In the second scenario, it is RedBird Capital and its founder Gerry Cardinale who resist change. The American owner of AC Milan could decide to keep Furlani in post at least until the autumn, postponing any decision until after the season ends and next year’s planning begins. A choice aimed at short-term stability, deferring the transition to a quieter window.
Scenario 3: Furlani Resigns as Director with Automatic Forfeiture
The third scenario is the most clear-cut from a formal standpoint: Furlani resigns as a member of the Board of Directors. In this case, the forfeiture of his CEO mandate would be automatic, as the delegation is tied to board membership. A definitive exit that would close any immediate possibility of returning to the Rossoneri’s organisational structure.
Scenario 4: A New External CEO Outside the Board
The fourth and most innovative scenario involves the appointment of an external CEO — a figure not currently part of the AC Milan world — who would replace Furlani with a completely new managerial profile. This solution would require amendments to the company’s articles of association or openness to new governance configurations, but would represent a clear break and a strong signal of change from RedBird.
Nothing Is Decided Yet: Waiting for the End of the Season
As highlighted in lawyer Raimondo’s analysis, none of these scenarios is official or definitive as of today. Speculation about Furlani’s future intensifies with each passing day, but any major decision is likely tied to the end of the sporting season. At a moment when AC Milan is still fighting for a Champions League spot, the ownership will probably want to wait before making new boardroom moves.
The question of governance remains central to the debate surrounding the Rossoneri, as has already become clear in recent weeks. The tension at club headquarters is palpable, and the future of AC Milan’s management will be one of the hottest topics of the coming summer.
