American ownership groups are becoming more and more common in Serie A, and AC Milan are among the clubs concerned.
La Gazzetta dello Sport (seen below) have compared the various US-based ownership groups in Italian football. No one has spent as much as Dan Friedkin: €958m invested into Roma, since 2020, between the purchase of shares and payments/loans. The enterprise value is €665m.
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From this sum, the net financial debt should be deducted, equal to €134m as of June 30, 2024, excluding the €298m towards the shareholder. Consequently, the equity value would be around €530m. Practically half of what Friedkin invested. I
t is difficult, if not impossible, to recover the investment. Roma could increase its value if it managed to return to the Champions League and equip itself with the new stadium.
RedBird Capital purchased Milan from Elliott in 2022: enterprise value of €1.2bn. Gerry Cardinale raised €600m in capital and activated a vendor loan, later repaying €170m. With the €55m paid into the Rossoneri coffers, the exposure is currently €825m.
However, if it wanted to sell the clubs, RedBird would have to return the remaining loan to Elliott: €489m for the principal, plus interest. Cardinale’s commitment, in perspective, is over €1.4bn.
Football Benchmark estimates the enterprise value of Milan at €1.8bn, or €1.75bn net of financial debt. Cardinale now expects a further step in growth, through the owned stadium. A common project with Oaktree, which is in a different situation.
The other Americans
The outlay for Inter essentially consists of the amount of the loan not repaid by Zhang: €442m, including contributions to the club. There is no doubt that Oaktree made a deal by entering Italian football.
The enterprise value of Inter is €1.7bn. Removing the €350m in financial debt (just reduced by virtue of the refinancing), the equity value would be €1.35bn. Oaktree would already be able to realize a significant capital gain.
The horizon it has given itself, however, is medium-long term. If it manages to maintain the accounting balance and, at the very least, get the executive project for San Siro approved, Oaktree will have hit the jackpot.
Even thinking like an investment fund, Exor considers Juventus a separate asset: a family jewel not for sale. Since the stock market listing (2001), the majority shareholder (65.4%) has paid out €730m, including the €15m paid in March, for a future capital increase. The estimated enterprise value is €1.65bn, including €300m in net financial debt.
