Carlo Pellegatti has given his update regarding the rumours that Gerry Cardinale and RedBird Capital are seeking investment in AC Milan from various funds.
There have been a lot of stories circulating in the past few weeks suggesting that Milan’s leadership have held talks with Middle Eastern investors regarding the potential of selling a stake in the club.
While the majority of these reports suggested that Cardinale is entertaining the idea of welcoming investment in order to raise the cash quicker to pay off the vendor loan owed to Elliott Management, some went a bit further.
For example, it was reported in La Repubblica earlier in the month that PIF – the Saudi-backed Public Investment Fund – are interested in acquiring a majority stake in Milan and they want to do so by the end of the season.
Pellegatti gave an interview to Radio Rossonera in which he addressed the corporate stories surrounding Milan, in particular the rumours that Cardinale will sell.
“The ownership will not sell Milan, that is, Milan is not for sale. It’s true that Gerry Cardinale is also looking for strategic investors among the Arab funds, but not to which he wants to sell the majority, but he wants them to participate,” he said.
“It’s a bit like the Yankees who are already strategic investors with smaller figures also because it is Gerry Cardinale’s intention to succeed if he can reduce, if not eliminate, the debt with Elliott which will expire in 2025.
“True, many trips to Arab countries, but not to look for the buyer, but to look for partner-investors who believe in the project.”