Cardinale on Milan takeover: “Honoured to be a part of Milan’s illustrious history”

By Euan Burns -

RedBird founder and managing partner Gerry Cardinale has said that he is ‘honoured’ to be a part of AC Milan following the takeover of the club.

The takeover of Milan by RedBird Capital Partners was officially announced by the club on Wednesday morning and Cardinale is quoted in the statement.

The deal for the club is valued at €1.2 billion and will see Elliott Management retain a minority financial interest in the club and they will still hold seats on the Board of Directors and have a strong partnership with RedBird going forward.

The transition into the new ownership will take place over the summer and the club do not expect it to go on any further than September 2022.

Cardinale said in his statement that he is honoured and wants to take the Rossoneri back to the top of world football.

“We are honoured to be a part of AC Milan’s illustrious history and are excited to play a role in the Club’s next chapter as it returns to its rightful place at the very top of Italian, European and world football.

“I want to thank Gordon Singer and the entire Elliott team for the tremendous work they have done over the last four years in rebuilding Milan and returning it to its rightful place at the top of Serie A.

“RedBird’s investment philosophy and track record in team ownership has shown that football clubs can be successful on the pitch and sustainable off it – we are looking forward to a long term partnership with the club, its management team and Milanisti around the world to keep propelling Milan in the years to come.”

Elliott’s Gordon Singer is also quoted in the release, detailing the difficult situation that they found the club in four years ago.

“When Elliott acquired AC Milan in 2018, we inherited a club with a tremendous history, but with serious financial problems and a mediocre sporting performance.

“Our plan was simple: to create financial stability, and to return AC Milan to where it belongs in European football. Today, I believe we have accomplished both.

“As we make this remarkable transition to AC Milan’s next chapter, I want to express our deepest sense of humility, pride and above all gratitude for the experiences we have shared with each member of the AC Milan family: We could not have done any of this without you, Il Popolo Milanista”.

Tags AC Milan elliott management Gerry Cardinale Gordon Singer RedBird Capital

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