Sole 24 Ore: RedBird and Investcorp presented similar proposals – the breakdown

By Isak Möller -

Some details regarding Investcorps’s interest in AC Milan, prior to the takeover of RedBird, surfaced earlier today and sparked a debate on social media. However, the two proposals were similar, a report claims. 

Elliott Management had negotiations with both Investcorp and RedBird prior to selling the club but eventually decided to go with the American company. This morning, MFO revealed details of Investcorp’s proposal which sparked a debate on social media.

According to Il Sole 24 Ore’s financial expert Carlo Festa, despite the rumours of this morning, the two proposals were actually quite similar. Investcorp’s proposal included €400-500m cash, financing and a loan from Ares Capital.

The proposal of the Bahrain-based fund was thus similar to that of RedBird, with the difference that they didn’t want to loan from Elliott Management as Gerry Cardinale did. It’s possible that Investcorp wanted to invest more on the market, but the actual takeover proposal was similar to RedBird’s.

Tags AC Milan Investcorp RedBird


  1. Where is @Jesus to tell us again how Investcorp had all the money, that they didn’t need loans to acquire Milan without putting the club in debt like RedBird did.
    And how much they would have spent in the market is just speculation by some guy who is bitter that his group failed to buy Milan and now he is trying to stir up nonsense before an important game for Milan

    1. 😂😂😂😂😂 Where did I say they don’t need loans? You are too stupid to read with understanding, I won’t write again, already there…

      1. Jesus

        3 February 2023, 11:33 at 11:33 am

        HAhahaahahahahahah, wow, genius! Good thing you’ve explained to us that a 35 billion dollar fund doesn’t have money. Quite easy to check that in 2023. 3 seconds. THEY COULD HAVE GOT THIS DEAL WITHOUT THE LOAN THAT CURRENTLY IN-DEBTS MILAN EVEN MORE and invested extra. But you need to understand that is less money for the seller as they get interest rates on the loan given to Redbird. Hahahahahahaha, you made up something random about one of the oldest investment funds that exist. Google it genius.

        There are receipts GENIUS, of the nonsense you write as per usual 🙄

  2. Redbird are trying to run Milan on a D2 budget. Seriously, there are English Championship sides that spend more money and have more foresight in the transfer market. It’s time for a change of owner; someone who genuinely understands the prestige which accompanies the club – otherwise years of humiliation beckon.

  3. BTW, I don’t blame Pioli, he’s an excellent coach. And Maldini is a club legend, but has no head for business whatsoever. The fault is entirely with the owners.

  4. I don’t see how you can blame ownership too much for coming into a season with a team that just won the Scudetto and only lost two first team players. True more investment is needed but rolling the dice with more or less the same squad as last year wasn’t some terrible mismanagement, more a gamble that didn’t pay off. We’ll see if they learn from their mistakes in the summer and then I think they are absolutely due to come on for heavy criticism.

    1. only lost two first team players in pivotal positions and they were not replaced. The results show it was a terrible management decision. The squad is thin, competing in multiple competitions and has been for 3 years, they are worn down. With situational awareness, anyone taking over this team would understand that in our context, loosing a quality central defender when only having one back up, having a terrible back up goalie when our first one was injured last season and could miss time this year, loosing one of our best midfielders that did most of our legwork all over the pitch over a million euro or two descrepency in his demand and our offer without replacing him with an equal counterpart, signing an injury prone forward to take the load off of one that would compete in a world cup midseason and another that is in his 40s recovering from what could be a career ending injury, with our other top players playing in the world cup as well, the lack of investment to replace those two outgoing players, plus not reinforcing positions that were already thin last few seasons had all the potential to be a catastrophic plan on their part. The results don’t lie.

  5. Difference between the two was Elliott. Investcorp wanted Elliott out and full control over every aspect of the club. That is why they opted out for a loan from Ares Capital.

    Elliott of course opted for BirdCrap because they are more than likely trying to pull the same scam they did with Chinese. Stick around, wait for them to default on their loan and snatch the club back, while keeping the cash investment.

    If by some miracle BirdCrap manages to repay their loan, Elliott will pocket close to 2B in the end. If on the other hand they default on their loan, they have at least 500M and Milan back under their control. They will of course try again the same scam after a few years.

    Elliott definitely opted out for what is batter for them, Milan as a club is of course is completely irrelevant. It is just a commodity. Means to an end.

    1. This would make sense if Elliott just took over Milan, sold our best players, kept the money, didn’t care about the club success and then sold it. But everything opposite of that happened. Saved Milan from Bankruptcy, absorbed all our losses, kept investigating in the squad every year even though the club is still spending more than it’s making , sold none of our best players , oh and we won a title for the 1st time in 10 years after we were the joke of the football world before them.

      1. You need to spend money to make money. If they sold playesr and club after they took over from Chinese, they would have made maybe 200M to 300M. So they invested, and now they are potentially looking at over 1B in profit if DeadBrd doesn’t default or 500M plus the club back in their hands to sell again.

        It never was and never will be about the club or its success for Eliott. Like i said, its a commodity, to sell. Nothing more.

        1. But they did invest in the club, maybe not as much as most fans think that they should have invested, but they still did invest a lot for a club that doesn’t generate much money before them commercially and especially not being helped by their sporting department with sales
          People just want a show off owner like Li or Chelsea owner or even inter current owners.
          Li spent money and we were worse.
          Chelsea owner spends money without a plan and the team is worse, won’t even be playing in Europe because he wanted to do all at once since he bought the club. Fired the coach that won them to UCL, buys every player with a heartbeat. How’s that working for them?
          Or inter , they came in and invested big early in high paid coach in Conte, also spent a lot on players like Lukaku, Barella, Hakimi, Eriksen, etc won a title and a year later they had to sell everyone to keep the lights on.
          It was all rushed and it was over before you know it.
          Milan is trying to build a sustainable project, that will take a little longer to build but it will also last longer.
          The only issue I have with Elliott is their choices of sporting directors. With better sporting directors we would be way more advanced in the process

          1. I just don’t buy into that altruistic hedge fund thing. Those two together don’t sit well with me.

            Company that buys and sells… money for more money, cares only about one thing. Money.

            Milan was an investment, the moment they sensed that Milan was on the rise, 2nd in a row UCL was in the bag and title was a probability, they decided to sell knowing that it won’t last.

            BirdBrain on the other hand has successfully invested zero for now. Next transfer window will show what they are made of. I have a feeling they are broke and will default on their loan in a few years, but let’s hope for the sake of the club that I am wrong and they are the real deal.

          2. They invested to make more money, of course they did. But they are also costing Milan a big amount of money on that interest. Clearly what they wanted and why only one option existed for them…

      2. Its Elliott, their aim always to make profit with minimal investment.. ofcourse they understand that minimal investment required to stabilize milan before selling.. its their business modus operandi..

    2. These guys are think Milan is just another commercial tool to enrich themselves without realizing what it means for us fans … for us it is our way of life our religion

        1. Loan from Elliot to Redbird is vendor loan, not as club debt, if Redbird fail to pay, some minority share of Milan return to Elliot.

          Loan from Ares to Investcorp will be club debt, if Milan cannot pay, it will be bankcruptcy or Ares takeover.

          Big difference.

    3. This is a new one, Elliot were bad for Milan? Go away and study finance. Elliot are the best owners since Berlusconi ceded control to the bald idiot Galliani in the early 2000s.

      1. I wont consider elliot as owners, they didnt buy milan, they never intent to own milan.. they acquire milan due to thier business operation, nothing more.

        1. They are not owner, they are mutually beneficial partner. Elliot gain profit from the sale of Milan, Milan get financial restructuring and a Scudetto.

        2. “I wont consider elliot as owners”

          Kind of like Flat-Earthers, eh? They don’t consider Earth to be a sphere, BUT… It is how it is.

  6. My only issue with RedBird is they’re dragging their feet over the stadium. M & M will hopefully learn from their mistakes this season but most of the blame falls on Pioli for failing to integrate the new signings and Primavera players.

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