1 / From The Ashes?

I'm not here to doomsday. That's no fun. Though it may feel like a long time since Milan, or indeed the Italian Serie A, was at it's lofty heights, there is still some cause for optimism.

First, let's face facts. Once upon a time, Serie A clubs were breaking global player transfer fee records year after year. Nowadays, the difficult economic reality is that even the weakest teams in the English Premier League generate more revenue than some of the biggest clubs in Italy. Without going into greater detail, most of us with even a passing interest in the subject are acutely aware that this is mainly due to the vast disparity in broadcasting rights revenue, along with the fact that most Serie A clubs have limited matchday revenue (many of Italy's antiquated stadiums are owned by local councils rather than clubs).

"...despite the chattering of the ignorant and ill-informed, very rarely has Serie A not been entertaining."

Fans are not bean-counters. Yes, economic prosperity can lead to on-field success - but we also know that balancing books does not make up for turgid tactics or lost trophies. Whilst I mean no disrespect, I doubt many of us started following football to learn the strategies of the financiers and accountants behind the scenes. The saving grace for the average fan of calcio has been that, despite the chattering of the ignorant and ill-informed, very rarely has Serie A not been entertaining. And very rarely has Milan not been interesting - even in the depths of the so-called "banter" era.

Many of us who follow the club have only ever known the Silvio Berlusconi-era and the revolving door of ownership afterward. Older fans will remember pre-1986. Much more recent fans may have no idea who I'm talking about. In any case, it's worth remembering that the Rossoneri faithful under Berlusconi had become accustomed to great success over the years - in Italy and in European competition (Milan's natural habitat). I cannot go without mentioning the 2007 Champions League triumph, exacting revenge on Liverpool for what happened two years earlier. But it's devastating to think that 2007 was nearly twenty years ago. A sign that the club's then-decline began well before Berlusconi finally sold out in 2017.

I still recall the double sale of Brazilian centre-back Thiago Silva and Swedish striker Zlatan Ibrahimović to PSG in 2012 - a decisive moment in the trajectory of the club, not only for the loss of talent on the pitch, but also the loss of ambition. Despite having just won our 18th Scudetto, the best part of the decade would be spent in the wilderness where all we could do as fans was laugh, cry, and debate how we might again qualify for (let alone win) the Champions League. Hence, the name "banter" era. Exasperated, some would repeat (somewhat sarcastically) during this time, the mantra, "form is temporary, class is permanent."

"...the club slingshot out of a promising second half of the lockdown season to win the subsequent 21/22 Scudetto."

Eventually, success returned. It came in the unexpected guise of journeyman coach Stefano Pioli and sporting director (and all-time club legend) Paolo Maldini. Under their guidance, the club slingshot out of a promising second half of the lockdown season to win the subsequent 21/22 Scudetto. Contributions from a talented squad in all areas of the pitch helped, with Rafael Leao a standout on the left wing. Since then, the club has seen another change of ownership: RedBird Capital Partners buying the club from Elliot Management Corporation. Under RedBird, Pioli was gone after a couple of middling seasons and Maldini was unceremoniously ousted as sporting director following mixed results in the transfer market - the latter, much to our dismay. 

The man responsible for their exits, Gerry Cardinale, CEO of RedBird, has been relatively restrained with the purse-strings. Incoming players are typically purchased for around 20 million euros each (modest in today's hyper-inflated market). The sales of star midfielders Sandro Tonali and Tijjani Reijnders in successive seasons (both to EPL clubs) has seemingly marked the limit of the club's ambitions. There does, however, appear to be some progress. Maybe.

Last season, Milan, together with city-rivals, Inter, look like they may have finally turned a corner on the ridiculous saga of finding a new stadium - a significant investment seeing both clubs purchase the San Siro from the city council with plans for a complete redevelopment. It will be very sad to see the San Siro be torn down, with all it's memories and unique fortress-like aesthetic. It is, however, undeniable that modernisation is necessary after the club spent many years wrapped up in red tape proposing to build an entirely new stadium on other sites in the city. That's only one piece of the puzzle though.

"...coach Max Allegri's "resultatista" football ironically failed to get the all-important results..."

In the wake of last season's final game, when coach Max Allegri's "resultatista" football ironically failed to get the all-important results, it signified the time for a strategic re-alignment. Our failure was brutally contrasted with the success of the "giochista" Cesc Fabregas at Como, who secured Champions League football at Milan's expense. To make matters worse, Inter won the Scudetto comfortably in the end. It was Milan's inability to beat smaller teams playing with a low block and hitting on the counter that cost the club dearly in the standings.

Is there a crisis? The future of veteran midfield maestro, Luca Modric, at Milan is in doubt. Compounding that, Leao, seemingly lacking motivation, has publicly declared his intention to leave the club. There is talk that the club's other star forward, Christian Pulisic, may leave after being out-of-form for all of 2026 (notwithstanding both he and Leao - natural wingers - were played out of position as strikers in Allegri's 3-5-2 formation). The top-level management have all been sacked - club president, Paolo Scaroni, and advisor to RedBird, Ibrahimovic, are the only survivors.

"Not many of us understand why it cost a reported 74 million euros to buy PSG's back-up striker..."

After Milan was rebuffed by several other options, a new management team has been formed from internal personnel, and Ruben Amorim has been signed as the new coach on the back of his success in his native Portugal, notwithstanding his more recent experience at Manchester United. Amorim's time in England is generally regarded as a catastrophe, though he was not necessarily to blame. Nevertheless, his record there, together with Milan's recent experience with Portuguese coaches who didn't get the best out of the squad (Fonseca and Conceição) has caused some consternation amongst the fan base, to say the least.

Not many of us understand why it cost a reported 74 million euros to buy PSG's back-up striker (albeit back-up to the Ballon d'Or winner). Though Goncalo Ramos is undoubtedly a high-quality player, few could have predicted that Leao's Portugal teammate would be the man for whom Cardinale would splash the cash. A club record, in fact. It hardly seems consistent with the value-for-money approach taken to date. The transfer market is still ongoing. Whether coach and management are on the same page is not certain. For those hoping for a definitive conclusion from yours truly after this (abridged) history lesson, I can't offer that.

"...I watched in awe as Leao hit a perfect cross to Ramos to score the winner for Portugal. A passing of the torch?"

What can be said is this: yesterday I watched in awe as Leao hit a perfect cross to Ramos to score the winner for Portugal. A passing of the torch? Perhaps. The beautiful game has a habit of making moments like that. The goal came in the dying embers of their World Cup round of sixteen game. Modric's Croatia valiantly fought back in the time they had left only to have an equaliser (correctly) disallowed, marking the end of his International career - if not his time at Milan.

regista / 4 July 2026

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