From one American flag … to another. As expected, AC Milan, reduced in 2018 by the Elliott Management investment fund, will come under the control of another American fund, RedBird Capital. Just crowned champion of Italy for the nineteenth time in its history, the Lombard club made the information official this Wednesday morning in an official statement.
Both companies have “signs a final agreement for the acquisition“from the Italian club by RedBird, already the main shareholder of the Toulouse club. This agreement establishes the value of AC Milan at”1.2 billion euros“and should lead to a transfer of ownership by September 2022. According to the Italian press, RedBird has acquired 70% of the shares of the Rossoneri. For its part, Elliott remains within the club at 30%.
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“The priority of RedBird is to continue the work of the sports management and the management of the club in order to ensure the continuity of the course of Milan, in order to return during the world football.indicates the communiqué (…) Elliott retains a minority stake, as have several board members, which will allow it to consolidate an agreement with RedBird to continue the progress of the last four years.. “
In this sense, Gerry Cardinale, the CEO of RedBird, met this Wednesday morning with the entire sports management, from Paolo Maldini (technical director) to Frederic Massara (sports director), great scudetto fireworks but at the end of contract in a few weeks. The aim is to negotiate these two priority extensions for the future of the club, to present the new project and to define the lines of progress for the future. A new era opens Milan, but under the sign of continuity.
Nearly half of the Serie A clubs are foreign-owned, for almost all of the major North American interests. The only exception is Inter Milano, owned by the Chinese group Suning. Apart from the AC Milan brand image, the interest of the operation for RedBird rests on the project of nine stadiums with the two Milanese clubs. Synonymous with increased box office revenue, the projected new venue would succeed the venerable San Siro after 2026. “The investment philosophy of RedBird and the results obtained in the world of sports have shown that football clubs can be successful on the field, also now a sustainable financial profile.Cardinal said in a statement.
85% of TFC shares
RedBird Capital is particularly present in the sports marketing sector in North America and the control (85% of the shares) of the Toulouse club. The owner’s son, Italian-born financier Gerry Cardinale, has been associated with multi-franchise operations in state sports, most notably with the New York Yankees or the Boston Red Sox (baseball).
On the Milan side, salaries are framed by the resumption of Elliott in 2018, even if it can not keep some important players, free parties, such as Gianluigi Donnarumma (Paris SG) and Hakan Calhanoglu (Inter Milan) in 2021 or Franck Kessié this year . Les pertes sont repassées sous les 100 million euros in 2020/21 (96 million euros), for the first time since 2017, after reaching a bit in 2020 (195 million euros). Elliott, whose stated goal was to resell in the medium term with a capital gain, would have invested about 740 million in 2018, according to Italian press.
“Our plan was simple: create financial stability and the Milan frame in the right place in European football. I think we can say that two goals have been achieved“His boss Gordon Singer commented on Wednesday. The recipe worked: AC Milan seduced again and the accounts are more presentable. In addition to being crowned champion of Italy.
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