AC Milan could soon undergo a ‘corporate reorganisation’ with owner Gerry Cardinale seeking investment from the Middle East, according to a report.
This morning’s edition of La Repubblica (via PianetaMilan) reports once again that Cardinale – the managing partner of RedBird Capital who are owners of the Rossoneri – has been looking for new investors in the Arab region for some time.
In fact, Cardinale is looking for investors willing to pay the vendor loan back to Elliott Management. As we explained in our latest Substack article, the American raised around €600m himself for the €1.2bn operation, while the other half was made up of a vendor loan granted by Elliott worth around €550m, plus interest.
The search for investment from the Middle East was born above all because Cardinale, a year ago, saw Kaiser Permanente do a U-turn on their plan to make a €200m investment in RedBird. They are a very important US company linked to the world of private healthcare.
The initial idea was for Kaiser Permanente to make an initial investment in RedBird and, therefore, in Milan. They then backtracked on their plans, leaving Cardinale €200m short of where he hoped to be.
Gerry’s about to become an errand boy for the sheikhs.
How ironic, a health care company bailed
😀 😀 😀 😀 😀 😀 😀 😀 😀
Why does this not surprise me?
His plan isn’t working on all fronts? That’s so strange.
Why decide to buy a Club, if you’re gonna find yourself looking for investment about 6 months later ?
Because very few have 1.2b laying around in liquid funds to buy a football club.