GdS: Accounts, stadium and history – why Milan are so attractive to investors

By Oliver Fisher -

Rumours are once again doing the rounds suggesting that there is interest from the Middle East in investing in AC Milan, and a report has outlined why it is not surprising.

This morning’s edition of La Gazzetta dello Sport (seen below) addresses the speculation that has erupted again regarding the interest from the Public Investment Fund (PIF, the Saudi sovereign fund) in acquiring a stake in Milan.

However, they also add that list of potential first-tier investors is longer than just PIF and extends to interested parties in the United Arab Emirates, Bahrain and Qatar as a minimum. If Cardinale welcomes a minority shareholder it is likely that he will come from one of these countries.

Milan can certainly attract investments. The history, with seven Champions League titles, and the prestige are the most immediate attraction. The millions of fans around the world invite investment.

The 2022-23 budget – which recorded a profit for the first time since 2006 – certifies that Milan are financially healthy and have the margins to grow even further too.

The stadium, a great priority for Cardinale and RedBird Capital, would add a fundamental asset. If in 18 months the program agreement for San Donato concluded with a green light, Milan would acquire value.

In the second part of 2025 RedBird will have to repay the vendor loan granted by Elliott Management in 2022 and it stands at approximately €665m, but this too could be used as a vehicle to attract investment.

Question marks remain on the Italian league in general, but the recent history of Milan, Inter, Roma, Fiorentina, Atalanta, Genoa, Parma and beyond demonstrates that more than one foreign investor are aiming for the growth of Serie A.

For the Milan, therefore, (at least) two paths remain open: 1) to continue with the current structure or 2) To support RedBird with a strategic partner, let’s say a shareholder.

Tags AC Milan
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