AC Milan are expected to announce that they have been sold by Elliott Management to RedBird Capital on Wednesday, a report claims.
Il Sole 24 Ore (via MilanNews) confirms that the deal should be officially announced tomorrow and that the economic value of the negotiation comes in at $1.8bn as a valuation of Milan, which with the exchange rate is about €1.68bn.
As for Elliott, the rumours suggesting that the Singer family’s fund will keep a minority stake in the Rossoneri in terms of shares can be confirmed.
The same source (via SempreMilan.it) writes that Milan will make use of the software used by Cardinale in the management of RedBird’s sports enterprises. It is a scientific approach that mixes financial sustainability and algorithms in the analysis of performance on and off the pitch.
Red Bird’s goal is to intertwine sports, media and entertainment, as Cardinale has always done since his beginnings at Goldman Sachs. In 2001 he invented the YES network with the New York Yankees, which became the first regional sports network in the United States.
He then sold it to Rupert Murdoch for $4bn (only to be bought back with a group of investors in 2019). In 2008, together with the Yankees and Dallas Cowboys, he formulated a joint venture called Legends Hospitality to promote the development of ticketing merchandising and hospitality in the new stadiums of the two baseball and American football franchises.
According to reports from Il Sole 24 Ore, this is something that Cardinale wants to put into practice in Milan as well, starting with the construction of the new stadium.