Gerry Cardinale’s recent trips to the Middle East have faced speculation. However, today, news has come to light about the reasonings and significance to AC Milan his trips may have.
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When RedBird agreed to the €1.2billion takeover with the Elliott Management for the club in 2022, only half of the sum was paid up front, leaving a further €600million to be raised with a deadline of 2025 through the form of a vendor loan.
Whilst Cardinale has already been paying this slowly back, he has been determined to tempt potential investors into contributing to repaying the loan, to attempt to repay the amount before the deadline, as reported by PianetaMilan.
Cardinale has frequently travelled to both the United States of America and the Middle East to seek investment – given Milan already has strong connections to both regions – and would only be interested in seeking investment. The idea of a complete sale is completely off the table, as is the idea of welcoming new shareholders.
The report adds that the fund involved in talks with Cardinale is not the Bahrain-based group Investcorp, who also did not want to officially comment on the speculation. Cardinale’s will, as mentioned, is to pay off the ‘vendor loan’ to Elliott.
