Search

Ivan Gazidis leaves Arsenal for AC Milan

PUBLISHED: 10:58 18 September 2018 | UPDATED: 11:19 18 September 2018

Arsenal CEO Ivan Gazidis with then manager Arsene Wenger at the Emirates. PA

Arsenal CEO Ivan Gazidis with then manager Arsene Wenger at the Emirates. PA

PA Archive/PA Images

Ivan Gazidis has left Arsenal to join AC Milan.

Arsenal CEO Ivan Gazidis with journalist Layth Yousif. CREDIT @basilisagoonerArsenal CEO Ivan Gazidis with journalist Layth Yousif. CREDIT @basilisagooner

Gazidis, who installed head coach Unai Emery at the club, had been agonising over the Serie A giants offer to quit the Emirates.

Gazidis remained tight-lipped about his Gunners future when interviewed by the Islington Gazette earlier this month but the club ended months of uncertainty around the Johannesburg-born former law graduate, who turned 54 the day before Arsenal beat Newcastle United 2-1 on Saturday, by annoucning his departure on Tuesday morning.

The Rossoneri have been taken over by US hedge fund Elliot Management after former owner Li Yonghong defaulted on a debt owed to the American business.

The company, which was founded in 1977 by Paul Singer, a Harvard graduate worth nearly $3 billion, has approximately $35bn in assets under its management.

New Arsenal manager Unai Emery (right) with chief executive Ivan Gazidis on the pitch after a press conference at the Emirates Stadium, London.New Arsenal manager Unai Emery (right) with chief executive Ivan Gazidis on the pitch after a press conference at the Emirates Stadium, London.

Singer who has been described as a ‘vulture’ capitalist as well as one of the smartest and toughest money managers in the cut-throat world of the hedge fund industry has prompted Milan to actively court Gazidis.

A City hedge fund source told the Islington Gazette that Gazidis – who is an associate of the powerful Singer – has been specifically headhunted by Elliot Management on behalf of the 74-year-old billionaire, who has admired his work at Arsenal.

The delay in Gazidis’ decision is said to have been due to the Arsenal bigwig seeking assurances from Singer and his company that they are willing to back the Italian club with hard cash in order for the Rossoneri to compete against Juventus and city rivals Inter.

The San Siro outfit are also prepared to hand Gazidis an extra £1 million a year on his £2.6m salary.

Arsenal CEO Ivan Gazidis is being courted by AC MilanArsenal CEO Ivan Gazidis is being courted by AC Milan

Gazidis will leave by the end of October and becomes chief executive at AC Milan on December 1.

He said: “For the last ten years I have been privileged to dedicate myself to this great club.

“Arsenal is entering a new chapter and I have done everything I can to ensure that it is strongly placed to take on that challenge.

“We have been building on the club’s progressive social values, leading the way on the women’s game, diversity and inclusion, and establishing the Arsenal Foundation. This will remain central to the club’s philosophy.

“Although it is very hard to do - the hardest decision of my life - I believe that, after ten years, it is the right time for me to step aside to allow new leadership, energy and ideas to take the club forward into this exciting new era.

“I believe in the positive force of change, both for me and for the club. I am excited to see what the future holds for this great club and I am energised by a new personal challenge with AC Milan.

Follow Arsenal reporter, former City specialist and MBA, Layth, on Twitter @laythy29

Latest Hampstead & Highgate Sports News

FA Cup fourth qualifying round: Haringey Borough 2 Poole Town 1

The Hammers huffed and puffed but couldn’t beat Hugo Lloris

Former Arsenal midfielder Jack Wilshere has been discussing various topics with Layth Yousif during his exclusive interview this week. The talented 26-year-old invited Layth to his house for an in-depth discussion on a wide-ranging number of issues as the star prepares to launch his first soccer school at the end of this month. Read on for more...

West Ham United Hammers midfielder Jack Wilshere says there is far more to come from Manuel Pellegrini’s side this season.

Nicky Shorey has a 100 per cent record so far, but can expect a big challenge on Saturday

Yesterday, 15:00

The Chilean praised Tottenham Hotspur manager Mauricio Pochettino ahead of the capital clash

Yesterday, 11:00

Mauricio Pochettino and Harry Kane urge Spurs to kick on following record-equalling league start

Yesterday, 10:24

Wembley Stadium plays host to the second of its three NFL games of the season on Sunday and fans will be hoping that they are treated to a better game than last week’s one-sided contest between the Seattle Seahawks and the Oakland Raiders.

PROMOTED CONTENT

Looking to get your child interested in a sport? Allianz Park, home to rugby union team Saracens, welcomes people of all ages to join their family of supporters and discover how their core values Honesty, Discipline, Humility and Work Rate underpin everything they do off and on the pitch.

As part of a major refurb, the London Marriott Hotel Maida Vale has renamed its three new-look function rooms to reflect the geography and rich history of the area. The largest, perfect for weddings and large meetings, is named after a Hampstead subterranean river, The Westbourne.

Londoners seeking high quality houses for sale within easy commuting distance of the capital are being advised to look north to St Albans’ prestigious Gabriel Square development.

Newsletter Sign Up

Sign up to the following newsletters:

Sign up to receive our regular email newsletter

Our Privacy Policy

Most read Hampstead & Highgate sport

Show Job Lists

Digital Edition

cover

Enjoy the
Hampstead & Highgate Express
e-edition today

Subscribe

Education and Training

cover

Read the
Education and Training
e-edition today

Read Now