Expert explains what it means if Elliott sell Milan to RedBird over Investcorp

By Oliver Fisher -

The news has emerged over the last few hours that AC Milan are expected to be bought by RedBird Capital and not Investcorp, leaving many wondering what that means.

This morning’s edition of Il Sole 24 Ore (via MilanNews) reported that that Elliott are very likely sell to their compatriots RedBird Capital who have overcome the competition of Investcorp in the last few hours with an offer of €1.3bn, which could rise to €1.8bn.

Meanwhile, Reuters recently stated that the Bahrain-based fund have suspended their plans to buy Milan as per a source close to the negotiation who stated that Investcorp ‘could not agree with them [Elliott] on the resolution of a certain issue’.

Milan fan and financial expert Felice Raimondo has published a thread on Twitter which presents his understanding of the situation and what it means that the club are now set to be bought by RedBird and not Investcorp.

“We will never know why the negotiation with InvestCorp was fell apart, but the disappointment for me lies in the fact that the Arab fund, given the contacts, could have brought related sponsors and therefore quickly increased revenues. Faster and less risky solution from a UEFA standpoint,” he began.

“Il Sole24Ore speaks of problems for the ‘earn out’ clauses, which is an additional amount to be paid to the seller once certain targets are reached (stadium? sporting results?). In any case, RedBird have consented to these clauses, closing the deal.

“Elliott, a fund that evaluates the best gain for its investors (above all things), according to rumours have ticked off the best conditions. That is, to sell at a high starting figure, remain as a minority shareholder and tomorrow earn even more with the stadium deal.

“That said, we certainly do not end up in bad hands. In fact, RedBird is a fund that specialises in sports and has much more experience in this area than InvestCorp. However, in the absence of related sponsors, the growth of revenues (and of the team) cannot be sudden but gradual.

“This means that Elliott’s work with similar methodologies will continue. Singer, however, will have the advantage getting a return on his investment immediately, if he remains in the minority, he will lose less money in the future (aum. of capital) and will get more when we have the stadium.

“From this point of view, if with InvestCorp – given the proportions, the activities and the contacts of the fund – we could imagine a Milan-only stadium, with RedBird I do not think it will happen. So for me the shared process with Inter will continue, we will see if in San Siro or elsewhere.

“In conclusion, the club will continue to be managed very well, if possible with more competence than before. The hope is to be able to get closer to a reality like that of Liverpool today in a decade.”

Tags AC Milan

63 Comments

  1. A f*cking decade. Another decade of being sh*t.

    Thank you Elliott and Birdsh*t.

    Instead of a running start, we go to running backwards and then hopefully after a decade taking a place that is rightfully ours. Of course, that may never happen, because, Muricans value ROI, shareholder value and profit above else.

    There it is folks, get ready for a decades of aiming for one of top 4 positions and losing our best players on free because we don’t want to pay them what they are worth.

    1. Personally, good – I’d rather see a sustainable club run on merit than see a moneybags petro-state owned cheating FFP and other clubs to fund its sportswashing project.

      Look at WHY two groups are looking to spend over a billion Euros on the club, that’s not because of the wild spending of the previous regime but because Elliot have made it a competitive AND sustainable proposition.

      And it bodes well Elliot want to stay on as a shareholder, because they have further incentive to make sure the club goes into the right hands to protect their investment.

      TLDR: better to be run like Liverpool than Man City IMO

      1. you think Berlusconi money was all fair and no cheat?

        lmao my friend every dominant club has a way of earning illegal money. whether that’s Joan Laporta Barcelona, Perez Real or Berlusconi Milan and atm UAE Man City and Qatar PSG

        1. No, Berlusconi money was sportswashing and soft power too.

          But that’s why this year’s Scudetto challenge, even if they ultimately come second, is so much bigger a sporting success than any of the 90s titles.

          If every dominant club cheats the system, then let’s not be a dominant club, be a sporting project that you can be proud to support instead.

        1. Are you aware that Redbird own a stake in Fenway (who own Liverpool)?

          Which ownership model do you think they’ll look to replicate? They might not manage the same success, but that’s what they’ll be trying to do.

          1. They have 10% and no woting rights. They own Touluse. It is very funny, how UEFA allow this? Isn’t this “conflict of interes”? Redbird have money, big money in 3 European clubs. UEFA is nest of big criminals!

      2. And what about United? Don’t cherry pick. Liverpool would be nowhere if they haven’t brough in Klopp, he picks the players to sign as well. You’ll see when he leaves, if they don’t get the right man it will be like Man Utd when Ferguson left.

      3. Can you stfu? I’m so sick of you moronic LOSERS who think you’re some how above the fray by claiming to support slow methodical, bullshit club development. Your STUPID. The club hasn’t been run the way it has because it’s the intelligent way to develop a football club lol. It’s been run this way because ELLIOT DOES NOT WANT TO SPEND MONEY!!! HELLO you simple fools are only making it easier for these owners to F your club in the A lol. Like how do you not realize this? It is ABSOLUTELY POSITIVELY NEVER BETTER to be owned by people who DO NOT spend money on your club than it is to be owned by people who DO want to spend money on your club. Dummies.

        1. Value for money mate. People who spend money in that way do it with far more circumspection, but what do you know eh?

    2. Lol, it’s like we’re one point from relegation and not the championship and second successive champions league qualification. What a world.

  2. Say goodby to Leao, Isma, Theo as soon as a semi decent offer arrives. Tomori, Kalulu and Mike probably too. Good players require good wages, and that doesn’t look like a possibility right now. Maybe in a few decades.

    There is good news though, Saladmaker will probably be the symbol of Milan project since he will stay with us forever.

    1. If selling a star for a fortune to a petro-dollar club and investing that money wisely to find two new stars is an option, great.

      I’d love to see those players stay and build something together, but if they want to leave to get paid crazy money elsewhere because they put in superb performances in red and black, then good thing we got to enjoy those performances and hopefully the team will find a great replacement.

      Look at the last big spending regime and where that crazy 2017 summer of purchases got the club.

      1. You can’t compare 2017 with next season expend, simply because we’re having Maldini & Massara right now.
        You’re ok with Milan selling their stars to petro-dollar club and investing that money wisely to find two new stars is an option??
        That means we are starting all over again!
        What mindset is that?
        Poor /mediocre club mindset!
        We are MILAN! not just some serie-A team like fiorentina or lazio or roma.
        Keep your most valuable players and make them happy, then add more establish players to make the team greater, every season if possible.
        That my friend, is the right mentality of Big Team.

        We are not PSG or City, because we have more history than them, we have the right person right now who not only chasing money but also heart for Milan, and that is not enough to build or make a competitive team nowadays, it’s also need money!

      2. Loser. You care about these billionaires abilities to save a few million?? Lol, if that’s how you watch the game that’s sad. All dollars, all value, no passion. Get ready to watch milan passion slowly die when the pieces that built this current squad are sold once a good offer comes in. This isn’t what any true milan fan wants. They want to see us back to the glory days, not to be a “good sustainable club”… if this is how you think go join a financial board and don’t be a fan.

        1. Where the sport in buying titles? There’s no sporting merit in that.

          Sure, it’s impressive to little kids playing FIFA but by the time you’re a grown up don’t you look for something more? If sport is just winning then what’s the point of all the other clubs?

          Achievement and winning are not the same thing and it’s better to achieve than just to simply win IMO.

          What’s been more impressive for the last few seasons? Juventus (and last year Inter) winning the league year after year or Atalanta pushing them all the way?

          I’m not a kid any more, I’d rather support teams that do more than just win.

          1. From what I read you would rather have a club that grows tomatoes organically and compete with PSG, City and similar teams in CL while being sustainable and super fair?
            I’d say you are still a kid and your dreams are far away, football is as is, not going to change next season.

          2. Woah woah buddy, you are so off here. You think Elliot is building organically because we buy cheap etc? Sorry but that’s not the same. If we were bringing up homegrown youths and developing and chose to truly build organically then I could see you’ll point. But just because we are trying to be a lean financial institution does not mean we are building the “right” way. You sir are incredibly confused. You are trying to come from a moral high ground yet what’s moral about having a salary cap…? That’s just a policy it doesn’t mean anything like you say a “team doing more than just winning”…. we aren’t doing anything more than winning we are just winning with cheaper financial investments. How is that a moral high ground? Wow. We’ve had more incoming and outgoing transfers than ever before, we used to never sell and built a family, that’s not the case anymore so you’re way way off.

        2. I can’t seem to reply to your other post, so I’ll reply to this one.

          You asked “You are trying to come from a moral high ground yet what’s moral about having a salary cap…?”

          I never mentioned morality, I mentioned sport and achievement. I mentioned that to me (and I never said anyone should share my view), there is more than winning; there’s overachieving.

          If the team that spends the most wins, then at best that’s ‘par’. They did what they should have done. There’s no way to achieve more than that. Only by not being that team can you achieve more and that’s the sport to me. Work harder, invest better, play smarter.

          If Milan come 2nd this season, who achieved most this season? Milan or Bayern Munich? There’s no objective answer there, but to me Milan being in the title hunt with a game left is a much greater achievement than PSG or Munich winning their respective leagues this year.

          And that’s the beauty of sport to me – that it’s not always the favourite who wins and it’s not scripted by anyone; everyone has a chance and the bigger the underdog the more memorable the story 🙂

          1. You never said it but you hinted strongly. Don’t pretend now. You were suggesting that your view is correct that it means more to win this way and you want something more as you get older.. look as I said earlier if you were for a truly grassroots movement, homegrown etc, then I buy it, that’s respectable. But that’s not what you’re saying. You’re just focused on being financially responsible lol, because you really care if Elliot makes a ton of cash or not?. Cmon…. Money money money. Spending less and winning just means soooo much more right?… no. Sorry but you’re confused. Go play Calcio without a ball so everyone wins…

      3. What’s with these stupid “petro-dollar club” comments LOL. So racist. Do you even know who Elliot or Redbird makes their money? You think they are morally superior or something. Ha! Elliot is known as a “vulture fund”. Elliot has a horrible reputation and the way they make $r is certainly not “moral” lol. Look it up buddy and do your research. Read and don’t believe all these stupid internet articles made to sell papers. Unreal how naive some ppl are here.

      1. Milan wont turn into psg or city in the hand of arabs since we already better, we only need money to continue our legacy thats it. But we might turn into soulless US business money maker like roma, arsenal & united. Rich but no ambition.

      2. LOL. What a dumb comment pal. PSG is “soulless” Hahahahaha. PSG isn’t in FFP trouble, they win the league practically every seasons end are in top 8 of CL and sign some of the best players in the world….ya that sounds “soulless” to me LOL.

  3. So ,our salary limit stays on 5 milion, byebye Leao and others,we are going to produce young talents to sell it to rich teams like arsenal or leipzig

    1. Is there really a player in the current Milan squad that deserve more than 5 mil?
      Stop it. You dont know what RedBird strategy is or will be. You go off just based on what journalists rumors spread out there for clicks.

      1. Yes @ Vardar. The market determines their value not us fans lol. If a team will pay Kessie for example 6.5M a season – well then that I’d what he is worth. So yes, Leao is definitely worth 5+M per season, Theo too – same with Mike amd Tomori. Teams outside of Italy would gladly pay them that kind of money no problem.

  4. No, Berlusconi money was sportswashing and soft power too.

    But that’s why this year’s Scudetto challenge, even if they ultimately come second, is so much bigger a sporting success than any of the 90s titles.

    If every dominant club cheats the system, then let’s not be a dominant club, be a sporting project that you can be proud to support instead.

      1. I don’t know why you’re being so aggressive here, it’s just opinions that ultimately don’t affect anything, neither of us is ‘right’ or ‘wrong’.

        The system sucks. Football is the worst sport for its financial imbalance and sense of fairness. The gap in finances between teams at the top and bottom gets wider every year but still the richest teams go into crazy debt because they must sign that one player, despite having 25 perfectly good ones. Look at PSG/Madrid and M’Bappe this summer, isn’t that pathetic, the amount of money they’d rather throw at him instead of improving their own setup? Isn’t it stupid how desperate big clubs are to hoard all the wealth whilst trying to pull the ladder up behind them?

        But this is what makes the underdog stories greater to me. It’s why beating the oil funded teams, who invest more in lawyers to cheat the system than most clubs pay their players, gets sweeter every time. And that’s sport, every club can write their own story and the best stories are the ones where you don’t just buy the best 20 players and stomp a league.

        1. Liverpool isn’t “oil funded” lol. And they beat everyone. Neither is a Bayern or Chelsea. WTF are you talking about. Those “oil-funded”a teams spend what they make it’s based on revenue. Yes there are loop holes – but do you think they are the only ones doing it? Juventus does it with Jeep sponsorship. So don’t kid yourself and think it’s ONLY the “oil-funded” clubs (another racist comment). Terrible

          1. I didn’t think oil-funded is racist, apologies if it is, I was only intending to using it as a shorthand for “not run within their means”. And it’s specifically PSG and Man City that have been using huge expenses on lawyers to overturn their breaking FFP rules on technicalities; they should have been banned from Europe otherwise.

            I know Liverpool and Bayern aren’t funded in the same way, both are unique models but you’ll see above I’ve said that the Liverpool model is the ideal one to me; very wisely planned investment and excellent coaching.

        2. I don’t fully disagree with the second part of your statement, the footballing world is super corrupt which is why I thought it quite stupid of you to knock teams for cheating a corrupt system, doesn’t make much sense if you see where I’m coming from here.

          1. I was a big fan of the idea of FFP, I just wish the teams didn’t try to cheat it. Partially FFP helps protect big teams but it also (if the cheats hadn’t broken it) forced sustainability and limited the ability of mega donors or owners like Li to spend money they didn’t have and put the clubs at risk.

            I see your point about how Milan aren’t building from the grassroots, which is a pity because there’s so many top players that came through the academy who are now with other teams, but they’ll never be Athletic Club and I still personally see huge sporting achievement in beating clubs who spend more.

            Looks like the deal is done now anyway, so we’ll see how the squad develops. Hopefully we can both agree that this has been one of Milan’s most impressive seasons in memory and fingers crossed for at least a point tomorrow!

    1. @R – what the hell are you talking about lol. Nobody remembers who came in Second pal. History is for winners not the losers. Unreal. Would Milan have the same history if we didn’t WIN all those CL? WTF are you talking about. Seriously you should go support a club like Atalanta. They play well but never win anything and nobody remembers what place they finish every season LOL. Perfect for you

      1. You say I should go support another club, but here I am literally supporting the current club whilst you are criticising them left, right and centre and saying they need to be different and they must win for your support…?

        Win, lose or draw tomorrow, this has been an incredible season for the club IMO because they’ve massively overachieved, competing for the league whilst developing players and doing it on a fraction of the budget of rivals; the whole league campaign has been a pleasure and I’ll remember its highs whatever the outcome.

  5. I want our own stadium instead of sharing it with Merda so hopefully the deal with redbird fall apart and Investcorp pushing the deal to be finalized.

  6. Like I’ve said, I would have prefered Arab owners. You can see where City is and you can see where United is. Best comparison.

    1. Ha I do see where city is! You can also see where Liverpool are with American owners. On the verge of the hardest triple in football. Maybe Americans know how to better manage clubs than you give them credit for.

      1. MU has American owner. Do you know how many Italian clubs are owned by Americans? Do you know when Redbird is going to build stadium? NEVER!!!

        1. What are you basing that on? Any owner interested in their investment will look to build a new stadium – it’s how their investment will go up in value.

          9 clubs have North American owners, 1 is Chinese.

          And many of those owners have been responsible.

          Roma’s American owners have built a new stadium, Fiorentina’s is trying to.

          You think Arabian owners will be desperate to pay for a new stadium? On what evidence? A few sketchy reports they leak to the press. Name me one Arabian club owner who’s funded a new stadium please.

          1. Roma’s owners have built a new stadium?? Where LOL. Designs were halted in Dec of 2021. More Italian politics. Where the fk do ppl get their info from? Instagram lol. Horrible.

        2. Has anyone other than Juventus built a stadium? Udinese and Sassuolo maybe, if you consider renovations “building a new stadium”? Seems like the problem is Italy, not owners. Milan have been talking new stadium for 15 years.

    2. Manchester City spent years and billions building a project with the upper management from Barcelona working towards hiring Pep Guardiola and wisely investing in their playing squad.

      Manchester City avoided hiring a Director of Football for years and let their chief executive spend a similar amount signing players based on name and profile rather than looking at building a team around them.

      The two teams have spent similar amounts, their fortunes are not tied to the nationality of their owners but to the decisions they made about how that money was spent.

      Milan are doing more now with less than they were spending five years ago; it’s not as simple as you make out.

  7. Shiva what the hell are you talking about? Milan aren’t shit. If you think this team is shit go support RM because you have no sense. Nothing Eliot has done has made Milan worse and has them poised to win the league and you act like we’re about to be relegated!? You have no appreciation or joy. All season we listen to your shot take. We all are so sick of your fing sour grapes go somewhere else!

    1. Yeah, it’s incredible. My theory is that there are just a lot of anti-American people here. I mean, it’s fair in some ways, but we’re talking football here, not geopolitics. And if we were talking geopolitics, I’m not sure the Middle-East has much of a leg to stand on. Maybe our Arab owners would pull a Kashoggi on Ceferin?😜

    2. I agree with you, Elliot has dome more good than harm, strict principles, strict on spending and good business principles

      No one expected them to this good with Milan in 4 years, that’s why buy out offers are coming, because they did a good job and have added value

      They deserve the profits they will make after selling Milan, they have earned them

  8. The system isnt fair, the clubs arent fair, uefa isnt fair, nothing in football is fair anymore. This isnt the 90’s, arab owners might be shit but i’d still prefer having them with maldini and massara managing our expenses than be an american owned arsenal.

  9. Disappointing to say the least. Was really hoping for Investcorp for the stadium issue alone. Most on here seem to be overlooking this most important aspect. Our OWN stadium was the way to go. Redbird will operate same as Elliot. Low spending, slow progress on stadium, etc…can’t say I’m thrilled – rather just leave Elliot in place then sell to Redbird. Investcorp would have been more ambitious and would have increased revenue straight away which is what any business wants. I’m afraid we are in for a slow roll. Problem is Elliot had the benefit of low expectations and players not yet reaching their potential which allowed fans to be more patient and keep the salary structure lower than normal. We are already seeing what happens when players fulfill their potential and want raises. I don’t think Elliot’s model of a wage structure of 4.5M is sustainable if we want to compete with the top teams. Players will just leave and we will replace them with young unproven players and if we win (like this season) – then when they become stars sell them again when they ask for more $$…I think now that we tasted success after all these years us fans will be upset when we sell our best assets to the highest bidder and become a feeder club. Just my two cents. I pray I’m dead wrong about Redbird.

  10. I’m not sure why everyone is thinking Investcorp is better than redbird or vice versa. At the end of it, to be profitable you need a competitive team so investment is needed.

    Everyone was saying that losing Donnarumma and calanhoglun was the end of our title push yet, here we are, 1 point away from winning the title with a squad that everyone thought was inferior to last seasons.

    Everyone complained Elliott didn’t invest enough in the January window, yet here we are, 1 point from away winning the scudetto.

    Everyone is complaining that we are losing our best players yet Liverpool are refusing to budge n their salary ceiling for arguably the best player in the world in Mo Salah.

    There are positives and negatives for both takeover strategies but the one thing that is certain about both is that they will not be investing over a billion dollars to not to be successful.

    Just be patient. We will be ok either way.

    1. Liverpools salary ceiling is like 15M lol. Not 4.5M. Yes we exceeded expectations THIS season, but like many who watch the game know, it is unlikely to last if we don’t spend to improve the squad. We shouldn’t be in first place with the talent (or lack thereof) on this team. All credit to Pioli for making the most of what he had. To ask him to do it again next season is crazy. All the top teams spend $ to compete. If we don’t we will be left behind and all this work will be for not.

      1. @juro

        Our salary ceiling will rise along with our finances. As we generate more money we will pay more. Also, the club has been willing to pay over the salary ceiling when they have had to, they just won’t be held to ransom.

        The reason we are doing well is because the players that are at the club want to be here and aren’t just coming for the dollars. That makes a bigger difference than paying big wages.

  11. no need to be expert to know what it’s mean, just like..
    Lille to Milan,
    Arsenal to all big clubs,
    RB Salzburg to RB Liepzig,
    Dortmund to Bayern,
    Malaga to M.City,
    then now Milan to Liverpool,
    is call FEEDER CLUB,
    the reason is simple, MONEY
    same owner, Premier League makes more money so Milan will be the stepping stone to Liverpool.
    good luck for us Milanista btw…

  12. All the morons here probably excited by chinese takeover and then huge spending

    PSG is your club

    Building things slower means also building it better. We have PROOF ITS WORKING – no debt, may get scudetto tomorrow, young team

    But no you want to treat football as a PS game, get all the overpriced checked put players like Messi

    Football is not important to you, you never play it yourself, you just want to be able to say ‘your team’ is biggest etc. Same like all those plastic fans barca got few years ago

    Damn football was so much better in the 1990 – 2000s. You could have great team and not win anything- we only got a few scudetto then…way more competition from ‘lesser’ teams

    But it made success taste so much better. Patience is something you insta-gratification kids should learn, its a good outlook / tool in life.

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