Elliott Management may have sold the club to RedBird Capital but they will maintain a fair amount of control over the club, a report claims.
According to what has been revealed by L’Equipe (via SempreMilan.it), Elliott have guaranteed Red Bird a loan that can range from €200m to €500m based on the equity that Gerry Cardinale is able to raise from investors. In any case, Elliott would remain with a stake between 30 and 49% if they lend to RedBird, should they not have enough liquidity to carry out the operation.
Meanwhile, La Gazzetta dello Sport reveals that Elliott could remain very present in Milan, with a potential control of 75% of the sale price to RedBird, for €1.228bn. It is a manoeuvre that is similar to the situation at Lille, on which UEFA are investigating to detect any links with Elliott.
In addition, Il Sole 24 Ore reports that Elliott will still have a big presence on the Milan Board of Directors, choosing the club president, director general and two or three directors. In all, up to 5 appointments out of 9 members.