This afternoon, it was confirmed that RedBird had refinanced the vendor loan used to initially purchase AC Milan, thus seeing Elliott exit the club.
It has been an interesting few weeks where RedBird have been concerned. In December, it was reported that they would not be supporting any moves made in January, with the budget expected to be fairly low.
Read SempreMilan ad-free and get access to exclusive news. Click here for a free trial!
However, this now seems to be changing, with Milan desperately pushing to make a few late signings, which would be headlined by the addition of a new striker in Jean-Philippe Mateta.
Additionally, the renewal of Mike Maignan could be confirmed shortly, which would only strengthen the image of the owners.
Cardinale speaks after RedBird refinancing
The position of RedBird has also been strengthened by another significant piece of news. After a few weeks of rumours, the vendor loan agreement with Elliott Management has now been refinanced with Comvest, meaning the club is in a significantly better financial position.
Gerry Cardinale, in the public release of the information, stated the following.
“Over the past three years, we have worked to consistently strengthen AC Milan’s financial and sporting performance, returning the Club to profitability and building a strong, more sustainable foundation for its future.
“Our ownership of AC Milan is driven by a long-term commitment to the Club, its leadership in the city of Milan and its heritage as one of the most successful European football clubs in the world. With the San Siro project now underway, we are even more confident in the Club’s trajectory and our ability to support its continued growth and success.
“We will continue to identify opportunities to enhance value while elevating AC Milan and the city of Milan on the world stage.”
I hate that we have to read between the lines here when Gerry says anything. What is long term? Is it the BS fed to FootballKush on his podcast? Or is it until everything is packaged for a sale with a massive profit?
The team has been less successful than the Scudetto under Elliott’s watch. So what sporting performance has been improved? The brand is more valuable, sure. But not more successful on the pitch.
Long term anything is not Gerry’s game. He runs a fund. Funds invest for a turnaround and a profit. Not long term management…
I still think on the sporting level nothing will change with the spending habits to remain largely the same. Hopefully once the stadium is fully on course and this NBA thing goes through he will sell to a wealthy owner who can in fact put his money where his mouth is and actually improve the sporting project here.
Would love for Gerry to prove me wrong though.
For Milan to be able to compete with the top teams in todays football they would have to raise their revenue. The club will have to make a lot more money.
People are still stuck on the days when a rich owner can pour in his own money in the club. Football doesn’t work like that anymore. The club has to be wealthy not the entity that owns it.
Newcastle have the richest owners in all sports yet they can’t spend like the big clubs in EPL because their revenue is still of a mid table to bottom table club. Matter fact they had to sell players to be able to buy, just like Milan.
Serie A is the one that holds Milan, Inter and Juventus back not the owners. Fans around the world don’t watch serie A. EPL teams get majority of their money from TV rights. A club that got relegated in EPL made 50 mil more than Inter (serie A club that made the most from TV rights). And this isn’t the case of Inter making 500 mil and the EPL team making 550 m. Inter made 80 m from serie A, the relegated EPL team made 130. That’s almost double. What are we talking about? Serie A teams need the UCL money to be able to match the TV money a relegated team in EPL makes.
Serie A clubs and the league are not attractive for super wealthy owners. Stop dreaming that a rich owner will come in and everything will be fixed. The same Newcastle owners could have bought Milan but they said NO, serie A is a mess. There is a reason why they don’t want to invest in Serie A. Look how long it took for a stadium to be approved. Over a decade. Serie A stadiums and infrastructure are old. Compare it to stadiums around Europe.
Only hard-core fans watch Serie A. You need the casual fans around the world to watch it for the TV rights to go up. Casual fans don’t watch it because the product is trash and boring, on top of the constant scandals. We can be happy that Milan is 2nd with Allegri and better than last season, but the team playing style is of a relegation team. Sit back and defend. If we weren’t Milan fans we would turn the TV off in most of the games this season after 15 minutes.
Milan needs a proper management who will work smart, pick the right players and coaches, pick the right players to build around and smartly sell/buy like Inter under Marotta. That’s the only way you can be competitive with the rich teams in Europe until something changes with the league, if it ever does.
In theory you’re right, BUT go tell PSG and ManCity and the likes that their owners can’t spend exuberant amounts of money without repercussions… That Financial Fair Play comes into play. Except it doesn’t when you’re stupid rich. Only the likes of Roma and Milan have to go by those…
OMG Z, you’re 100% correct… Absolutely agree with everything you’ve said… Serie A needs to be revolutionized in order to challenge EPL…
Z 💯 my brother you got brain wise man
I have to understand now ownership of a club like Milan is not like it used to be, that’s the reason why Milan started to decline under Berlusconi and Galiani and they couldn’t invest, and decided to sell to the Chinese.
Milan just started to get its financial situation in order. Now the club may be sustainable.
A lot of fans still can’t let it go. They have to understand that Maldini is the past, the same way everyone else will pass and Milan will remain. Just support Milan no matter who is in charge.
Gross. Doomed.
😥😥😥
@Z
Finally someone here with a comment that shows big picture thinking and knowledge.
For all of you that would buy and sell after a las Sunday good or bad performance, please save this comment learn it by heart and stop wasting space here for meaningful debates of us true Milan fans.
If you do not like it then please just seap red with blue, we do not need you, just like we dont need Inter