AC Milan board member Salvatore Cerchione has criticised the club’s takeover process and in particular how out in the open a lot of the information has been.
According to a report from the Financial Times, Elliott Management have sold the club to RedBird Capital for €1.2bn and are set to turn a profit of around €450m having invested €750m into Milan, which is a 15 per cent return per year.
RedBird originally planned to buy Milan through a private equity deal but it then shifted to a more unconventional one in which Elliott are helping with the financing. They will lend RedBird €600m at a 7 per cent interest rate, a sum expected to fall to €200m later this year as RedBird raise funds through existing investors and partners.
Cerchione spoke about the takeover process as part of the report on behalf of Blue Skye, a holding company owns just under 5 per cent of the club at the moment, and he revealed that he is not happy with how it has occurred.
“Blue Skye has been unhappy over the opacity of the disposal process. We are confused about the real motives behind the disposal of the club, especially when such a bright future is ahead,” he said.
Elliott declined to comment on Cerchione’s criticism, the report adds.