Cardinale buys Formula 1 team immediately after Tonali sale
AC Milan owner Gerry Cardinale is increasing his investments in the world of sports by acquiring a stake in the Formula 1 team.
The fans are curious to see if RedBird Capital Partners will really be a ownership capable of consolidating AC Milan at the top levels of Serie A and also in the Champions League. The first objective is easier, while the second one will take some time. The base left by the previous ownership and management is quite solid.
New owner Gerry Cardinale has repeatedly stated that he has big plans in mind for the club’s future. He knows he has one of the most important football brands in his hands and must make the most of it. He has the responsibility not to disappoint millions of fans around the world. However, the start of his tenure has been disappointing to say the least.
The American businessman and the investment company he founded have among their plans the construction of their own stadium. This is the cornerstone of the project and in recent weeks there has been an acceleration in the San Francesco area located in San Donato Milanese.
RedBird Capital Partners has invested around 1.2 billion euros in the acquisition of AC Milan, the second football club it owns. As is known, French club Toulouse is also part of his assets and is achieving good results. As a newly promoted club, they achieved an easy salvation and won the French Cup.
The American company also holds shares in the Fenway Sports Group, owner of Liverpool, and has invested in other sports in the United States (for example: baseball, football and hockey). Now it seems that there is a desire to enter Formula 1 as well. A news that come as a shocker to the Rossoneri fans considering it coincides with the sale of Sandro Tonali to Newcastle for over €80 million, add-ons included.
As revealed by Bloomberg, negotiations are at the final stage with Renault to buy a minority stake in the Alpine Formula 1 team. An agreement could be announced on June 26, the day on which there will be an event in Enstone (England), where the team is based. There are still no signatures and there is no certainty that they will arrive, but there seems to high optimism about the outcome of the operation.
The popularity of Formula 1 is increasing in recent years and RedBird Capital Partners considers it profitable to invest in this area as well. The company created by Gerry Cardinale believes it can help Alpine to better develop the brand and beyond, having vast experience when it comes to media and sponsors.
Renault, owner of the team, are investing to return to winning in F1. As a constructor it has only won world championship in 2005 and 2006 with Fernando Alonso as a driver. In 2021 the team was rebranded as Alpine, another Renault family marque, and finished fourth in the constructors’ championship of last year. It has been in the top 5 for five seasons, but the goal is to fight to win.
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