The dinner at Arcore today to discuss the sale of AC Milan has reportedly not helped president Berlusconi’s doubts.
Silvio Berlusconi and his closest relatives and associates have not relinquished their doubts about the possible sale of the club (or club shares) to a consortium of Chinese entrepreneurs.
At the insistence of family members, who are pushing for a total sale and only final, Berlusconi replied that he would do so only if it were guaranteed by the new ownership an important role, not only just ‘representation’.
09:00 – Inside or outside, the deal between Fininvest and the Chinese consortium led by Sal Galatioto for the sale of the Milan shares is approaching a conclusion, one way or another: the deadline now just a step away (around June 15 is when the submission of a formal offer and Berlusconi’s response is expected).
The contacts between the parties intensify to file the final details, but the biggest obstacle is always the same: President Berlusconi.
READY TO SIGN, BUT BERLUSCONI… – Almost all the operation blocks are in place: the club’s valuation (about 700 million euros, including 240 million euros of debt) is considered adequate, the list of investors has been submitted and evaluated, the investment for the stadium and the market plan is valid and is also supported by an ambitious project for the expansion of marketing.
Still a few details to be filed with regard to governance, although in principle the agreement is: Berlusconi would remain honorary president until the IPO (between 18 and 36 months from the signing, according to some variables, listing on the Hong Kong market), his daughter Barbara would remain on the board and Galliani would temporarily stay in power until a new CEO/Sporting director is appointed.
So everything seems ready for sign, but there is always something crazy: the will of Silvio Berlusconi, who is at the moment only focusing on his electoral commitments. The basic problem is the same that accompanies the deal from the start: Berlusconi does not want to leave his child.
After all, with his political career winding down, his wish may be to have something to do after that. There has been no particular news: the jokes, the continuous poles and braking announced in recent days have not shaken Fininvest and Galatioto, who proceeded smoothly in dealing to submit to Berlusconi the most convincing and appealing offer. Great optimism reigns in waiting for a meeting in which the situation can progress.
SUMMIT TO ARCORE – As every Monday at Arcore there will be a lunch between Berlusconi, his children, his most trusted advisers and Fininvest executives who are taking care of the negotiations.
It is inevitable that in a week or so by the deadline their will be certain picture that reveals Berlusconi’s intentions (metaphorically, of course). It is unlikely that this summit has sped up and will bring a conclusion this week, just as it is unlikely to lead to a resounding re-opening of a table with Bee Taechaubol as they want some more rumors.
In case of positive feedback, however, the most important steps may be moved not to Arcore but in via Paleocapa, among the Fininvest offices and those of the Chinese consulate (economic-commercial section) that may offer logistical support to the delegation of incoming investors in Milan next days.
Meanwhile, the hands on the clock turn, and the minutes until the deadline become less and less. Even in a few days, AC Milan will know her future.