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.
