September will not just be a crucial month for AC Milan on the pitch, but also off it. In fact, RedBird Capital and Gerry Cardinale are now ready to close the takeover of the club from Elliott Management.
Ever since the agreement was reached back in June, it has been known that the closing will be in September. It seemed far away initially but we are now just a few days away from RedBird officially taking over the club.
Cardinale, as reported by La Repubblica (via Calcio e Finanza), has raised €600m for the takeover and the additional €600m will come from Elliott’s vendor loan. The interest rate is 7% and the hedge fund will also keep two seats on the board of directors.
Cardinale will take over 99.9% of the shares and the management will also change. Ivan Gazidis will no longer be the CEO as he’s expected to leave in November, although it’s possible he could remain as a consultant from distance (USA).
Paolo Maldini and Ricky Massara will be granted more responsibilities, as they demanded before signing the renewals with the club. Remaining as club president, Paolo Scaroni will be the one to sign off on operations.