Elliott Management reportedly "aims to control AC Milan for three years and not one," selling 2% to Riccardo Silva. According to Sky Sport Italia, the takeover after President Li Yonghong defaulted on his debts will not be a "short-term operation seeking a new buyer." The idea would be to set up a three-year project to "get the club back on track, raise its value and then sell at a large profit" (FOOTBALL ITALIA, 7/17).
Reggiana, the third-division Italian football team Mike Piazza purchased in '16, was reportedly declared bankrupt. The team announced on June 24 that "it would not be registering in Serie C for the forthcoming season because of its financial issues." Five days later, the team began negotiations with an ownership group led by businessman Pablo Victor Dana, but those negotiations reportedly "ended unsuccessfully" (N.Y. POST, 7/17).
Since Serie A side Fiorentina went bankrupt in '02, 153 Italian clubs have "had to be refounded, merged with other clubs or disappeared altogether." This week "saw Bari and Cesena fail to register for Serie B," and both clubs will be declared bankrupt and begin again in Serie D, as long as "someone can be found to take on the club" (FOOTBALL ITALIA, 7/18).
