OFFICIAL: RedBird new owner of AC Milan
Gerry Cardinale’s American fund buys AC Milan for 1.2 billion euros: Elliott will retain a minority stake.
A new era has begun for AC Milan: just days after winning their 19th Scudetto, the Rossoneri have changed ownership, being taken over by RedBird, an American investment fund set up by Gerry Cardinale.
Completion in September
The Milanese club announced the details of the agreement between RedBird and Elliott, which will retain a minority stake as a guarantee of the continuity of the project: 1.2 billion lire is the economic value of the operation, the effective closing of which will take place in September.
Not to miss
“RedBird Capital Partners (“RedBird”) and Elliott Advisors UK Limited (“Elliott”) today announced that they have entered into a definitive agreement for RedBird to acquire Serie A champions AC Milan The transfer to the new owner will take place over the summer, with closing scheduled for September 2022. The deal, which values the club at 1.2 billion euros, provides for Elliott to retain a financial stake minority in the Club, as well as its own representatives on the Board of Directors, thus cementing a partnership between RedBird and Elliott which provides continuity to the progress made under Elliott’s leadership over the past four years”, said AC Milan in its press release.
Red Bird displays its ambitions
New Decisions have been given regarding the contracts of Paolo Maldini and Frederic Massara, which expire on June 30: “The priority for RedBird is to continue working with the sports area and club management to give continuity to Milan’s journey, aiming for a return to the top of world football. The combination of success on the pitch, strategy The acquisition and development of new players and world-class global business management, coupled with RedBird’s experience in leading and developing international sports franchises, will ensure an even brighter future for Milan’s storied history. “
Enthusiastic, such is the comment of Cardinale, eager to leave his mark in the history of such a prestigious club: “We are honored to be part of AC Milan’s illustrious history and we are delighted to be able to write the club’s next chapter at a time when it has regained its well-deserved position at the top of the Italian league. with an eye on future goals at European and global level. I would like to ask Gordon Singer and the whole team at Elliott for the extraordinary job they have done over the past four years to bring Milan back to the top of the Serie A. RedBird’s investment philosophy and experience in the world of sport have shown that football clubs can succeed on the pitch while maintaining a sustainable financial profile, its management and Milan fans around the world to keep pushing Milan ever higher in the years to come.
From Gordon Singer, Managing Partner of Elliott, words of pride and gratitude to the people of Milan: “When Elliott acquired AC Milan in 2018, we created a club with an extraordinary history, but with serious financial problems and disappointing sporting performances. Our plan was simple: create financial stability and give back to AC Milan its rightful place in European football. I think we can say that we have achieved both of these objectives. At this time of transition to the next chapter in Milan’s history, I want to express our deepest feelings of humility, pride and above all gratitude for the experiences we have shared with each member of the Milan family: we couldn’t have done anything without you, the Milanese”.