Cardinale in talks for potential AC Milan sale to Arab fund
Gerry Cardinale is in search of new investors at AC Milan club and we might see another change of ownership soon.
Important movements are happening around AC Milan club. Gerry Cardinale is in search of new investors to join the club reports Sole 24 Ore journalist Carlo Festa. The AC Milan owner was in Bahrain a few days ago, together with CEO Giorgio Furlani, to meet with interested parties and potential investors from the Middle East, as well as American ones.
Investcorp are rumored to be again interested in acquiring the Rossoneri. The Bahrain fund were in advanced negotiations to buy the club from Elliott Management in 2022 but at the end it was RedBird to win the race for a fee of $1.2 billion. The decisive factor in Elliott’s decision was that Gerry Cardinale borrowed half of the purchase fee precisely from Elliott.
Investcorp had no interest or need for such a deal. The Bahrain fund had the necessary capital and wanted full control of the club immediately. The Saudi Public Investment Fund are another reported entity interested in AC Milan. The Saudi Arabia state owned fund recently acquired Newcastle United and are rumored to aim for more.
The debt that Redbird owes to Elliott matures in 2025 but Cardinale is trying to liquidate it in advance. It is not yet clear what are the motives of Cardinale’s rush and if other initial investors are pressuring him to cash in on AC Milan. The American businessman is reportedly open to sell the club completely for a figure of 1.4-15. billion.
Journalist Andrea Longoni adds that Paolo Maldini’s recent interview where he didn’t hold back against the Rossoneri management is not a coincidence. In fact, Investcorp still have Paolo Maldini as their key figure to manage the club if they acquire it from RedBird. We might not have seen the end of Maldini at Milan after all. However, the legendary number 3, this time will have a much higher budget at his disposal.
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