Gerry Cardinale has signed the contracts which will make official the transfer of the majority of shares in AC Milan from Elliott Management to RedBird Capital, a report claims.
La Gazzetta dello Sport reports that Cardinale, the founder of RedBird Capital Partners, has signed the contract for the acquisition of the majority of Milan from the Elliott fund. The official announcement could come in the next few hours, although it is likely to be postponed to tomorrow.
Milan changed hands back in July 2018 when Elliott Management acquired the club after Li Yonghong – who took over from Fininvest in 2017, changes ownership again – defaulted on loan repayments.
The club will remain in the hands of Americans as RedBird have sealed the deal, and they are an investment fund who are already actively involved in sport. They are based in New York like Elliott, who will remain with a stake in the Rossoneri for a transitional period.