There should be no problem in completing the transfer of the majority of shares in AC Milan from Elliott Management to RedBird Capital in September, a report claims.
Milan officially confirmed RedBird Capital’s takeover of the club back on June 1 after Elliott Management decided to sell the majority of their shares. The club announced the highly-anticipated deal on Twitter and their website on Wednesday morning, and the statement said that the transition to the new ownership will take place over the summer with an expected closing date of no later than September 2022.
According to La Gazzetta dello Sport (via Calciomercato.com), the full closing scheduled for September is approaching but there will be no hitches. The Singer family will lend Gerry Cardinale’s fund the €600m he requires to reach the €1.2bn, which is the maximum amount foreseen by the agreements.
They will do so with an interest rate of around 7%, and Elliott will have two representatives on the new board, which are likely to be Gordon Singer and Giorgio Furlani.
Pls come back with good news
Lol..
Like we all expected from capitalis american owner. $600 m debt, while only selling part of Milan ownership. This reason will be the answer for the Investcorp offer rejection.
I just hope, that the ownership problem didnt affect the club, despite its hardly to rule it out because it is related to the capital needed for the purchase new player.
Something ain’t right about this deal, I think Elliot is setting a trap for Brokebird.
So they are selling it for 1.2B and Elliott is lending them 600M so 50%, with 7% interest; they are also keeping 30% of the shares if I’m not mistaking, so basically before RedBird even takes over they only factually own just 20% of the club, and 50% is loaned to them. LMAO RedBird got conned.
Elliott will patiently wait time they are obligated legally for RedBird to start defaulting on their loan and then just take over like they did with Chinese. Making that 20% profit and whatever else RedBird managed to invest.
LOL
LOL Redbird..
Elliot giving them 600mil loan? that basically means Elliot effectively owns 65% of milan. lol
Pretty sure in 2 years Redbird will go bankrupt like Li and Elliot is gonna make gonna make over 500 mil Profit from this deal.
Due to greedy elliot. They only want set trap for new owner,thats why investcorp dont want to play in elliot game. With just lend 600m euro and waiting till RB cannot pay/default loan ,elliot will get profit 600m euro from RB because 1,2bn total deal for 70 percent share. We will get tight budget for 5-10 years again under elliot. Get ready guys for transfer budget 50m euro every season from elliot. Fack elliot