The financial expert Alessandro Giudice has confirmed that PIF never came close to buying AC Milan, nor have there been any concrete negotiations in the last few years.
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Ever since Elliott Management sold Milan to RedBird, there have been rumours about interest from the Middle East, above all Saudi Arabia and PIF (Public Investment Fund). ‘Rumours’ is the keyword here as it never went beyond that.
In January, Cardinale repaid the vendor loan to Elliott in full after striking a financing agreement with Comvest, which is deemed to be a lot more favourable than the previous terms. Furthermore, as evidenced by his three visits in 45 days, the owner is putting his foot on the gas.
“Never anything concrete”
So, what about PIF? Well, in recent days, the Public Prosecutor’s Office decided to close the investigation into Milan’s ownership, i.e. whether Elliott was actually the owner during RedBird’s initial tenure.
Amidst the above, the fan/pundit Marco Varini tweeted that it was ‘a real shame’ that the investigation happened in the first place as it was right around the time that PIF was looking at the club. However, as Alessandro Giudice made clear in a response to that, Varini was just talking nonsense.
“Marco, PIF has never come close to Milan. I met the head of PIF’s sports investments in London. We were both speakers at a conference, and he told me that he ruled out investments in football clubs outside the country [Saudi Arabia]. As the facts have shown.
“There have been so many hoaxes circulating about Arabs, Milan, and Inter. Never anything concrete,” he replied.