Gerry Cardinale is expected in Milano on Monday for the derby between AC Milan and Inter, which is a very important game. In a recent interview, the American clarified a few things regarding his project for the Rossoneri.
In the last few months, following a seizure of documents at Casa Milan, Cardinale’s ownership of Milan has been questioned. Of course, as we stated immediately on our Substack, these claims were and are completely unfounded.
Speaking to Il Sore 24 Ore, as cited by MilanNews, Cardinale clarified a few things regarding his ownership. He also stated that he has no intention of selling the club to another investor or consortium, having just started what is a long-term project.
On the ownership…
“I would like to clarify the facts once and for all. With a stake of 99.93%, RedBird is the controlling shareholder of AC Milan. The remaining 0.07% is made up of individual Italian investors who are long-time fans of the club.”
On the involvement of the New York Yankees…
“I asked the New York Yankees to invest in a small minority stake together with RedBird as part of our overall investment, given the strong 25-year partnership I have with them.”
On Elliott and the vendor loan…
“Elliott provided a loan to RedBird with a three-year expiration and zero governance rights. This loan is no different than any other third-party financing we could have obtained, with the added benefit that Elliott brought a track record of improvement to AC Milan before our acquisition.”
On the future of the club…
“I have just arrived and I have no intention of selling Milan. My objective is to create a solid and winning foundation. Why should I give up ownership? There are no talks with any investor who can obtain control or governance of Milan.”
On the team’s performance…
“Aren’t we in the lead (he jokes)? On a serious note, we are still in second place. And we will never stop aiming to win.”
In addition to watching the Debry, Cardinale is also expected to sit down with the management and discuss the post-Stefano Pioli era. The manager is set to part ways with the club and Milan have several candidates on their list.