Repubblica: Cardinale in Italy to close RedBird’s deal for Milan – the figures and his place

By Oliver Fisher -

There could soon be a decisive step taken in AC Milan’s proposed takeover as RedBird Capital founder Gerry Cardinale is in Italy, a report claims.

According to La Repubblica (via MilanNews), Cardinale, is in Milano and during the week signatures expected that will mark the beginning of the passage of Milan from Elliott Management to RedBird. Paul Singer is also in Milan, which certainly adds credence to this hypothesis.

The total amount of the transaction is around €1.3bn plus an ‘earn-out’ clause of around €500m, linked to conditions such as further growth in turnover and the construction of the new stadium. Elliott will remain at Milan with a minority stake of around 30%.

Giorgio Furlani – a portfolio manager for Elliott – will remain on the Board of Directors and will continue to remain involved. Paolo Maldini and Ricky Massara will have their contracts renewed and will continue to operate on the market with guidelines similar to those dictated up to now by Elliott.

As for Ivan Gazidis’ future there is no rush, given that the Milan CEO’s contract expires in November. President Paolo Scaroni has worked mainly on the stadium front until now, and seems to be willing to remain in office only if he can continue to deal with the new facility with the same continuity.

Speaking of the new stadium, it is considered absolutely essential by Cardinale. In his first 48 hours in Italy he visited both areas set up for the new structure, namely the San Siro area and Sesto San Giovanni which is an alternative site.

The intention is to get things moving as soon as possible, and there is even the possibility of proceeding without Inter because of their uncertain financial situation.

Tags AC Milan


  1. If redbird pulls of the new stadium we will be very much a self sufficient club which is a good thing considering the finances would take a step forward. And milan will grow stronger and stronger plus inject some money into the transfer market. We aren’t a springboard club, we are Ac Milan.

  2. If my math is correct Elliott is valuing AC Milan at 2.3bn ((1.3bn/.70) + 500m), although I’m not sure if I should include the 500m as value or some kind of bonus. Still, without that it’s 1.8bn. That’s nuts considering Berlusconi valued them at 700m. So Elliot at least tripled if not quadrupled the value…

  3. Building our OWN stadium is essential and would be the absolute best “signing” (so to speak) that Redbird can make for us this summer. Let’s make it happen Redbird!

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