AC Milan have entered another new era as it was announced yesterday that RedBird Capital have officially taken over from Elliott Management.
According to what Il Sole 24 Ore (via MilanNews) are reporting, the agreement between RedBird and Elliott Management will be more geared towards the basis of a partnership. Elliott valued the club at €1.2bn but that amount will not be received immediately, since the outgoing owners will remain with a share of around 30%.
The Singer family will also have some figures on the board of directors including Giorgio Furlani, while the figures of the deal should be as follows: €600m of equity and another €600m as a ‘vendor loan’ from Elliott to RedBird that will be paid off in an agreed period of time.
It is also necessary to understand the fate of Blue Skye, which currently owns 4% of the Rossoneri shares, but all of this will be defined at the time of full closing, expected by September.
Yesterday, Gerry Cardinale visited Casa Milan and met with the key men of the management including Paolo Maldini, Ricky Massara, Ivan Gazidis and Paolo Scaroni. The intention is not an overhaul but rather to carry on the excellent work which made the club so attractive in the first place.