Tuttosport: RedBird will soon acquire 99.93% of Milan – the new position of Elliott

By Oliver Fisher -

AC Milan will soon formally change owners as RedBird Capital will acquire the club from Elliott Management in the next few weeks.

This morning’s edition of Tuttosport (via MilanNews) writes that there is less and less time left before Milan will officially pass into the hands of Gerry Cardinale’s RedBird fund.

Although there is no precise date yet, Milan will complete the transition from Elliott to RedBird in September, after the initial signing for acquisition of 99.93% of the shares in June.

It will therefore be Cardinale who will control the entire share package of the Rossoneri (bar the Small Shareholders) but Elliott will remain with a financial stake. Part of the total amount of the transaction of €1.2bn will be reached with a vendor loan – or a loan from the seller – with an interest rate of 7%.

In addition, Elliott will have the opportunity to include up to a maximum of two directors on the board and the rumours suggest that they will be Gordon Singer and Giorgio Furlani.

Tags AC Milan
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