Sole 24 Ore: PIF target ‘new phase of investments’ in Europe – AC Milan in their sights

By Oliver Fisher -

There continues to be rumours transmitted regarding the potential sale of shares in AC Milan to a fund in the Middle East by Gerry Cardinale’s RedBird Capital fund, and another report has emerged today.

According to what is being reported by Il Sole 24 Ore (via MilanNews), the Public Investment Fund (knows as PIF) are interested in making some further investments in Europe and they have Milan in their sights.

PIF is the sovereign wealth fund of Saudi Arabia and is among the largest sovereign wealth funds in the world with total estimated assets of US$776bn, having been created in 1971 for the purpose of investing funds on behalf of the Saudi government.

The paper states that the fund are looking to expand their influence in Europe massively and in different sectors with a ‘new phase of investments’. They are aiming mainly at cutting-edge hi-tech and infrastructure, but also sports, renewable energy, real estate and the world of entertainment.

In recent months PIF representatives have met Gerry Cardinale a few times, the owner of Milan who has been the protagonist of several trips to the Middle East to create contacts and economic relationships for RedBird and Milan in general.

A partnership at Milan level could be considered between the American manager and PIF after the Saudi fund also recently also invested in Newcastle United.

It cannot be ruled out that PIF enter into the shareholding structure in some way, such as via the purchase of a minority stake as Cardinale himself did not rule out.

Update: Sources close to the situation firmly deny ongoing talks with PIF.


Tags AC Milan


  1. PIF already owns Newcastle so wouldn’t owning Milan or having share, be a conflict of interest? Gerry just had to step down and sell his share in Toulouse becaue of Milan.

    Maybe since PIF is state owned fund, regulations can be twisted…

      1. This is true, they are exploiting FFP rules by signing huge sponsorship deals with companies who are in indirect ownership of them. I meant regarding ownership of multiple clubs under UEFA crown.

        Maybe PIF structure is organised same as City Football Group Limited, a holding company that own, or as they say “are partnered with”, many clubs from football world from Man City, Palermo, Girona etc.

    1. You can own clubs in different leagues but not if they play in the same competitions, like CL, EL. So they would have to restructure ownership. Also not sure on minority vs majority shares in clubs – it might make a difference.

  2. These are news and rumors that we Milan fans hope are true. I said it before that the return of the great Milan to its former glory will be through PIF.

    1. Nah, fxck PIF.
      If they wanna sponsor or invest into an minority share sure, but never make Milan a propaganda tool for some bozo dictator to sportswash with.

      1. Its gross what they did to chelsea owner, he was bad, but they allow this. Russian players cant play, but middle easterns can, and soon the saudi league will have multiple teams in the UCL. European footbal is so rigged VAR has made it obvious now. Please MLS give us parody.

  3. Gerry himself had come out and said he was looking to fund the loan to Elliott and look for investors in the Middle East. Not sure what the denials are about.

    PIF will deny likely until it’s official as to not impact the market.

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