Gerry Cardinale’s missions to the Middle East continue to draw speculation in the media, and one report has claimed that he is looking for around €1billion in investment.
In this morning’s edition of La Verità (via MilanNews) they confirm that Cardinale – who is the number one man of RedBird Capital Partners – is looking for investors and has cast his eyes towards Arab countries.
His aim is to repay the vendor loan, i.e. the loan granted by Elliott Management which allowed him to complete the takeover of the club is worth around €550m. They add that the Singer family – at the head of Elliott – have requested an acceleration of repayment of the loan.
As per the agreement signed when the takeover took place, the full amount of €550m is due by August 2025, including interest. For this reason Cardinale and CEO Giorgio Furlani are often traveling to the Middle East: looking for investors who can contribute.
Cardinale still has big plans for Milan, not only on the pitch but also off it. He knows perfectly well that a club is worth much less is today’s market than what it could be worth with its own stadium .
For this reason the American is pushing hard to try and break ground in San Donato, even if it is very unlikely to be completed before 2028.
Even the stadium objective, therefore, has triggered this hunt for a minority shareholder. Factoring in the vendor loan and the project in San Donato, Cardinale is looking for around €1bn.
“They add that the Singer family – at the head of Elliott – have requested an acceleration of repayment of the loan”.
They act like this is one friend borrowing money to another friend and telling him not to worry and to get him back whenever he can and then all of a sudden calling him couple weeks later asking him to accelerate the return because he really needs the money back.
It’s not like these entities don’t sign contracts with exact numbers and dates.
Isn’t RedBird an investment firm?
Aren’t they just handling and investing other people’s money. Isn’t a firm like that always on the lookout for more and more investors to increase the funds/assets under their management?
Americans – they are friends. Elliott obviously needs money for some other investment, so they operate in togetherness
Buddy. All investment/investors owned by Black Rock. Ie its normal in business world
1 billion in investments? Youre basically asking someone tk buy the team lol. What fool would bring a billion in investments and not have a majority stake?
Saudi are in for all or nothing. Means cardinali wants out
The fúck does he need a billion for?
to pay 600m debt to singer, he is otw to be american version of li hongyong