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Former AC Milan defender Franco Baresi dies at 66

Sport

Former AC Milan defender Franco Baresi dies at 66
Sport

Sport

Former AC Milan defender Franco Baresi dies at 66

2026-07-31 15:37 Last Updated At:15:50

MILAN (AP) — Franco Baresi, the former AC Milan defender and World Cup winner with Italy, has died. He was 66.

His death was announced on Friday by Milan, the soccer club where he spent his entire 20-year playing career. No cause of death was given.

"The entire history of AC Milan is in tears," Milan said.

In August 2025, Baresi underwent surgery to remove a pulmonary nodule and subsequently began a course of immunotherapy.

His last public appearance was at the opening ceremony for the Milan Cortina Winter Olympics in February, when along with former Inter Milan defender Giuseppe Bergomi, he carried the torch into the San Siro — the stadium he formerly played in.

“Announcing the loss of someone who embodied the heart and soul of AC Milan, is incredibly difficult,” the club said. "But everyone at the club and all the Milanisti must live up to Franco Baresi’s memory. We must be strong and gather every bit of energy, even at this saddest of times.

“His example and integrity will be forever etched into the Club’s DNA, just as his iconic number 6 shirt is,” Milan added. “The condolences AC Milan extends to Franco Baresi’s family at such a difficult time are shared by every Rossonero, who feels this loss as their own.”

Baresi, who was widely regarded as one of the best defenders of all time, was a true one-club player. He progressed through the ranks at Milan and made his first team debut at the age of 17, in April 1978.

He chose to stay with Milan even after it was relegated to Serie B — for the second time in three seasons — in 1982, just before he helped Italy win the World Cup that summer, and was given the captaincy at the age of just 22.

Baresi made more than 700 appearances for the Rossoneri, captaining the team to global dominance in the late 1980s and early 1990s.

With Milan, Baresi won three Champions League trophies, six Serie A titles, two Intercontinental Cups, three European Supercups and four Italian Supercups.

As well as the 1982 World Cup, Baresi also helped Italy finish runners-up in the 1994 competition — although he was one of three Azzurri players to miss a penalty in the shootout defeat to Brazil in the final.

Baresi finished runner-up to teammate Marco van Basten in the Ballon d’Or awards in 1989.

When Baresi retired in 1997, Milan also retired his No. 6 jersey — which was a first for Italian soccer. The club also held a celebration match in his honor, featuring many soccer stars Baresi had played with and against.

Baresi was made honorary president of Milan in 2020.

“Italian soccer has lost one of its legends,” Italian soccer federation president Giovanni Malagò said, labeling Baresi “an extraordinary champion who wore only two shirts for his entire career: those of Milan and Italy.”

“We will have a tribute to remember him the next time the national team plays,” Malagò added.

It could have all been so different for Baresi and Milan, however. Baresi had trials at Inter when he was younger but he was rejected by the Nerazzurri, who opted to sign his older brother Giuseppe Baresi, with Franco Baresi going on to join the youth team of their fierce city rivals.

Giuseppe also captained his team and the image of the two Baresi brothers exchanging pennants before kickoff became the symbol of the Milan derby throughout the late 80s.

AP soccer: https://apnews.com/hub/soccer

FILE - AC Milan former player Franco Baresi arrives to attend the 'Foundation Milan' charity Italy, on Nov. 20, 2013. (AP Photo/Luca Bruno, File)

FILE - AC Milan former player Franco Baresi arrives to attend the 'Foundation Milan' charity Italy, on Nov. 20, 2013. (AP Photo/Luca Bruno, File)

FILE - Former AC Milan player Franco Baresi poses before presentation of the 2018/19 Serie A calendar in Milan, Italy, on July 26, 2018. (AP Photo /Luca Bruno, File)

FILE - Former AC Milan player Franco Baresi poses before presentation of the 2018/19 Serie A calendar in Milan, Italy, on July 26, 2018. (AP Photo /Luca Bruno, File)

FILE - Milan's veteran Franco Baresi escapes Juventus player Angelo Di Livio and Christian Vieri during a First Division soccer match in Turin on Nov. 17, 1996. (AP Photo/Mauro Pilone, File)

FILE - Milan's veteran Franco Baresi escapes Juventus player Angelo Di Livio and Christian Vieri during a First Division soccer match in Turin on Nov. 17, 1996. (AP Photo/Mauro Pilone, File)

VIENNA--(BUSINESS WIRE)--Jul 31, 2026--

RHI Magnesita, the leading global supplier of high-grade refractory products, systems and solutions, announces its results for the six months ended 30 June 2026.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260731178441/en/

Strong earnings improvement despite continued market weakness

RHI Magnesita delivered a solid earnings improvement in the first half of 2026, supported by continued execution of management-led self-help measures and strong performance in the Steel segment.

Adjusted EBITA increased by €24 million, or 17%, to €165 million, compared with €141 million in the first half of 2025. This included a material foreign exchange headwind of €24 million. On a constant currency basis, Adjusted EBITA increased by 42% year-on-year.

Working capital intensity temporarily increased to 24% as RHI Magnesita increased raw material inventories ahead of expected stronger second-half order books and to mitigate tariff uncertainty. Cash conversion was 97%. Net debt increased to €1,528 million, while leverage remained flat at 2.9x Net Debt to Adjusted EBITDA.

Self-help measures and steel performance support earnings improvement

The improvement reflects continued delivery of RHI Magnesita’s management self-help measures across pricing, administrative costs and plant network optimisation.

The Group remains on track to deliver the previously guided €45 million Adjusted EBITA improvement from price adaptions, network optimisation and administrative cost savings. Further raw material and plant network initiatives are expected to deliver additional benefits in 2027.

The Steel segment performed well, supported by the self-help programme and demand growth in certain regions. Performance was particularly positive in North America, Europe and India.

The Industrial segment was weaker than expected, reflecting continued caution among customers and delays to higher-margin Industrial Projects in Glass and Industrial Applications. Cement and Non-Ferrous Metals improved slightly year-on-year.

Full-year guidance confirmed

RHI Magnesita has confirmed its full-year Adjusted EBITA guidance of €400 million, including an anticipated foreign exchange headwind of approximately €35 million.

Capital expenditure guidance has been reduced from €130 million to €115 million. Working capital intensity is expected to reduce to 22% by year-end as the temporary inventory build unwinds.

Net debt is expected to fall to approximately €1,400 million by the end of 2026, with leverage reducing towards 2.6x Net Debt to Adjusted EBITDA.

Stefan Borgas, Chief Executive Officer, commented:

RHI Magnesita delivered a solid double-digit earnings improvement compared with the first half of 2025, supported by continued progress on our self-help initiatives. We are pursuing further measures across the plant network and raw materials, to reduce costs and sell into non-refractory raw material markets, to enhance the Group’s operating leverage when demand improves.

About RHI Magnesita

RHI Magnesita is the global leader in refractory products, systems and solutions that enable high-temperature industrial processes exceeding 1,200°C. Through its refractory products, services and expertise, the company supports customers across the steel, cement, non-ferrous metals, glass and other high-temperature process industries. With more than 20,000 employees and a global network of raw material sites, production facilities, recycling centers, and sales offices, it serves customers worldwide.

RHI Magnesita is listed on the London Stock Exchange (RHIM) and has a secondary listing on the Vienna Stock Exchange. For more information, visitwww.rhimagnesita.com.

2026 Half Year Results. Stefan Borgas, CEO

2026 Half Year Results. Stefan Borgas, CEO

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