Sole 24 Ore: Closing of Milan takeover approaches – Elliott’s loan and two complainants

By Oliver Fisher -

The official sale of AC Milan will be fully processed in the coming weeks as Gerry Cardinale and RedBird Capital will take control, a report claims.

Il Sole 24 Ore (via PianetaMilan) reports today that there is the last formal step to go through before Cardinale’s fund will officially be the majority shareholder of the Rossoneri. The transaction is expected to close in September.

Cardinale is expected to conclude the deal thanks to a vendor loan (a loan from the seller, Elliott Management) which should be around €600m of the total €1.2bn valuation. Essentially, they would finance 50% of the sum of the takeover.

The sale has not been without contention though as Yonghong Li managed to seize €364m in Luxembourg as he believes Elliott owe him a portion of the value of the club. However, Elliott appealed against the seizure.

Meanwhile, Blue Skye are fighting at the New York Court against the transfer of the majority of the club to Cardinale, asking that all the documents of the operation be produced.

Tags AC Milan Gerry Cardinale

4 Comments

  1. This smacks of a shady operation orchestrated by the Elliot Management. Hope it will not backfire and splash on our faces

  2. How does any of that sound shady? It all seems pretty normal to me. It is common to have seller notes/seller paper in M&A transactions (I’m an M&A lawyer and I see that structure all the time)

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