Gerry Cardinale has been on a media run in the last few weeks, interviewed by various outlets, and another one dropped today. The AC Milan owner confirmed that he’s willing to give up a minority share of the club amid Middle East interest.
In an interview with Calcio e Finanza, Cardinale opened up about all things Milan. He was asked about the stadium project in San Donato, giving up shares of Milan and the Super League. As we revealed on Substack back in December, he’s indeed considering a minority partner.
On his background…
“I have 25 years of experience in sports investment, both creating companies in partnership with the best rights holders in the world, and investing in teams and the leagues themselves. I have always believed that investments must be guided by cash generation and not simply turnover, as well as by non-emotional considerations.
“However, I must say that the only case in which I occasionally lose this approach is with Milan, where the passion of the fans and the importance of the team for everyone is something I had never experienced in sport before.”
On the vendor loan…
“I worked for 20 years at Goldman Sachs, I smile when some people think I’m so naive as to take on a debt to be repaid in just 18 months.”
On a potential sale…
“I’m here to stay for a long time and if it were up to me, I would stay here forever. What is true, however, is that the movements of the global economy must be taken into account and there is no doubt that in the Middle East, there is a lot of liquidity and willingness to invest in sport.
“Right now, there is a lot of capital in the Middle East and we are open to collaborating with potential partners who could join us both as sponsors and as partners in the construction of the new stadium, or as minority shareholders as true value-added partners, but as I said I will not give up control.”
On sharing a stadium with Inter…
“I’m totally ready to build the Milan stadium on my own, but I’m also open to evaluating other options, without excluding a potential collaboration with Inter ”, believing that the progress of Inter, Milan and Juventus, the leading group of Italian football, each driven by a strong and stable ownership, respond to the interest of the entire national football movement.
On the league…
“I believe I can make Milan the number one club and at the same time, help Serie A become competitive again. Also because in current conditions the only way to steadily push a club to the highest levels is to belong to a league with a strong system.
“Consider, for example, that between the Premier League and Serie A there is a difference of 5 to 1 in terms of revenues from television rights. And narrowing this gap is the way for our league to regain the competitiveness of the golden years at the European level.”
On the Super League…
“I believe that we should operate within the framework of UEFA and the ECA (the European Club Association), which best serve the interests of football in Europe. The Super League, whatever its current form, is not something we think is right for Milan, Serie A or European football,” he stated.
It remains to be seen what will happen on the stadium front, but Milan have taken important steps forward in San Donato. There was also a meeting recently with the Milano council to discuss the San Siro area, but this hypothesis seems very remote for the time being.
In any case, Cardinale is looking to strengthen Milan’s financial situation with investments from the Middle East, but he’s not willing to sell the club. He has started a mission and wants to finish it.
