Scaroni claims Milan were moments away from being declared bankrupt before Elliott Management stepped in to take charge from former owner Yonhong Li.
He said at their 125th anniversay announcement: “My story with Milan started in that nefarious era of Yonghong Li.
“I entered the Board of Directors representing Elliott and truly experienced a passionate year. There was a series of obligations to fulfil and our accounts were never in order.
“At the last second of the last minute, we received the €5m that allowed us to register for the new season.”
He also stated: “It was a terrible period when Elliott came in and asked me to become president. It was July 22, 2018 and I arrived at the board meeting where there were shareholders with long faces and few journalists.
“We were coming off five years without being in the Champions League, perhaps they were the darkest years for Milan. I know that the fans want everything, I would want that too, but we made a few steps forward and had the great excitement of the Scudetto.”