Club legend PaoloMaldini was considered one of the main architects behind AC Milan’s first Scudetto success in 11 years last season thanks to his work behind the scenes.
He has held the boardroom position four years ago, three of which in his current role, and helped sign the likes of Theo Hernandez, Rafael Leao, and Mike Maignan.
The 54-year-old was due to lose his contract at the end of Thursday but has recently announced he will continue working.
“Everything is planned. We renewed at the last minute, but we did it,” Maldini told reporters outside Milan headquarters.
“I’m very happy to be here and ready to plan for the future, with more wins. There is still time [this player exchange window]. It is too late, but we will recover the lost time.”
Football director Frederic Massara also reportedly signed a contract extension that was due to expire on Thursday.
According to reports from Italy, the delay in reaching an agreement with the two was due to a lack of funds available to transfer the window.
Milan have already missed Sven Botman at Newcastle United, and Paris Saint-Germain appear to have dropped the Rossoneri from another Lille player Renato Sanches.
Stefano Pioli’s boys start their 2022-23 Serie A campaign with a home game against Udinese on August 13th.