00:00To go into the red was my decision.
00:04And how do you state the financial status of Milan AC?
00:08You just injected 50 million in equity.
00:11There would be any needs of further injection of capital looking ahead?
00:15We continue to be the owners of our financial health.
00:20Our decision this summer to go into the red was my decision
00:29because I took over the club personally the day after we fell out of Champions League.
00:34And I decided having watched the way this was going for the last four years
00:38that it was time for real change.
00:41And I wasn't prepared to make very fundamental changes in a very short period of time
00:46between the end of the season and the beginning of the transfer market
00:49like happens with most clubs.
00:51I wasn't going to bring in a professional football organization
00:54and make this wholesale change in that short period of time.
00:57These are very important organizational design decisions.
01:01And I decided to jump in and do it myself.
01:03And with that I also decided to retool the player side of the organization.
01:09And so we have a lot of great players that we kept and have embraced.
01:12We brought in a lot of other new players.
01:15We've lowered the average age of the team.
01:17The reality is just like meteorites that there's been tremendous inflation
01:21in terms of player wages.
01:24And we have to decide if we want to compete to win
01:27then we're going to have to embrace that.
01:29And then this coming year we made a decision to go into the red
01:33but we will very quickly come back if we put the right organization in place,
01:38if we handle ourselves well in both the buying and selling of players
01:40and if we continue to keep pace on the off-the-field side of the business.
01:46I've been wholly focused right now on the playing side of the business,
01:48on the football side.
01:50But obviously we bring a lot of expertise and experience on the commercial side.
01:56When we bought the club in 2022, it was doing around 280 of revenue.
02:02We finished over 400.
02:04And we've done a lot.
02:05There's a lot more that we can be doing there.
02:07And obviously the new stadium will help with that.
