According to the Telegraph’s Matt Law, the offer would raise his wages by more than £1 million per year. Gazidis could be looking for assurances from the Italian club’s new owners that they will spend the money needed to compete with the likes of Juventus and Inter Milan in Serie A.
The Telegraph’s Jeremy Wilson previously reported his departure was a “very real possibility,” with American hedge fund Elliott Management taking control of the Rossoneri.
The seven-time European champions are hopeful the Americans can inject the cash needed to finally return the club to the elite of Italian football after previous owners Sino-Europe Sports failed miserably. The Chinese group became official owners in 2017 but sold the club again this year.
Per the Associated Press, Elliott Management took over in July and immediately pledged to inject $66 million in capital into the club. The transfer of ownership took place after the previous owners missed a deadline on a loan repayment.
Initial expectations were Elliott would sell the club on, but they’ve instead decided to run it themselves. They hired Leonardo as their new sporting director and made a big splash by selling Leonardo Bonucci back to Juventus, bringing in Gonzalo Higuain on loan and Mattia Caldara on a permanent basis.
Gazidis has been Arsenal’s CEO since 2008 and has steadily built his influence, seeing a high point this summer, per Law. He picked Unai Emery as the club’s new manager, and the Gunners saw plenty of turnover.
Arsenal have a reputation for being frugal in the transfer market, and according to Law, Gazidis fears the club does not have the budget to compete in the Premier League. Manchester City, Manchester United and Liverpool haven’t shied away from heavy spending to position themselves above the Gunners in the pecking order.
Serie A is expected to boom following the arrival of Cristiano Ronaldo at Juventus, so this could be the perfect time to make the jump to Italian football. Milan haven’t been at their best in years but have tons of pedigree and an impressive academy―clever spending could see the club return to the top in short order.