Sole 24 Ore: Change of ownership could be on the cards as Milan and Inter are open to offers

Owners Elliott Management are willing to sell AC Milan as are Suning who currently own rivals Inter, according to one journalist.

Elliott took over at Milan back in 2018 after Yonghong Li and the Chinese ownership defaulted on the repayment of money lent by the American fund, and they have set about improving the club’s accounts by cutting unnecessary costs and investing more wisely.

Calcio e Finanza (via MilanLive) stated earlier in the month that the Elliott fund have spent a total of €705.65m on Milan from 2018 to today, a figure which can be seen from the latest financial statements of Rossoneri Sport Investment, the Luxembourg company that controls 99.93% of the club shares.

According to Carlo Festa of il Sole 24 Ore on Twitter, though Inter and Milan are both potentially for sale. Suning will sell the Nerazzurri when the first reasonable offer arrives, which is perhaps no surprise given their financial issues.

Elliott are nearing the end of their time at Milan too and therefore a change in ownership could happen soon, so investors will be able to choose between the two Milan clubs.

In a follow-up tweet, he adds that Milan have no debts but the income statement is always at a heavy loss. With continuous recapitalisations from Elliott, it is difficult for it to come out of it by making money, so about €700m could be enough given that is what they invested.

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