An Arab investment fund which is related to the Saudi Arabian Public Investment Fund is concocting a plan that could eventually lead to taking 100% control of AC Milan from Gerry Cardinale and RedBird Capital Group.
As has been reported by La Repubblica (via Milan Eye), there is the potential for the fund in question to repay Elliott Management Group, the former owners of Milan, their €550 million vendor loan and interest rate which was given to RedBird to finalise the purchase of Milan in August 2022.
That money is effectively Cardinale’s debt to Elliott which was needed in order to facilitate the takeover.
If the Arab fund were to pay that money to Elliott on behalf of Cardinale, it would allow him to then sell his entire stake in the club to the Arab fund and Milan would be under new ownership again.
Cardinale recently travelled to the Middle East in order to secure fresh investment that would end Elliott’s financial control over the club, so at least part of this news would be welcomed.
It is known that he is keen to have the vendor loan paid off before the end of 2024, although it does not need to be paid back until 2025.
