The composition of the new AC Milan Board of Directors was made official earlier this week, and there was some surprise that a few existing members remained.
La Gazzetta dello Sport (via MilanNews) writes how the transfer of ownership of Milan from Elliott Management to RedBird Capital has been official for several days and the appointment of the new Board of Directors was also set in stone on 14 September.
There is Gerry Cardinale as well as three of his trusted associated in Scheiner, Shah and Halyard – who you can read more about here – but there is also a large representation from Elliott.
Gordon Singer, Furlani and Cocirio, as well as CEO Ivan Gazidis and president Paolo Scaroni will remain on the board and it was agreed not just because of the prestige of remaining linked to a rapidly growing brand like that of Milan but it is also an economic choice.
Elliott provided a vendor loan to RedBird which lasts three years and will guarantee an additional income for the outgoing fund with an interest rate of 7%. So, Singer kept his men on the board precisely to protect this further investment made in the club.
In addition, the fact that the views and policies of Cardinale and the Singer family are very similar only helps this process, therefore assisting a smooth transition between the eras.
