Il Milan, fresh from title, changes hands once again. Tuesday Gerry Cardinale, former banker of Goldman Sachs and now number one of the investment company RedBird Capital Partners, signed the contract to acquire the majority stake in the Rossoneri club from the Elliott fund, valued in everything 1,3 billion euros.
Milan: it is the third transfer of ownership in five years
Thus ends, a few days after the success in the Championship, the AC Milan ownership by Elliot, which began in July 2018, when the fund had taken over the team due to the default of Li Yonghong, who in turn had taken over from Fininvest in 2017. All in all, they make three ownership changes in five years.
The last step, however, does not imply a new passport change for Milan, which remains stars and stripes, being US RedBird like Elliott.
RedBird Capital Partners' other sports investments
Cardinale's fund has a division specializing in sports investments, both in the US and in Europe. He has already bought a minority stake in the Malaga (Spanish Serie B) and, above all, 10% of Liverpool for 750 million dollars. In France, it also took over the Tolosa, bringing him back in one year to Ligue 1.
Cardinale's first commitments as AC Milan owner
Now Cardinale has three commitments on his agenda to begin his story as owner of Milan: meeting with Paolo Maldini, director of the technical area whose contract is to be renewed; case solution Lion, the most valuable player around which to build the team of the future; and the stadium file, with the endless controversy over the farewell to San Siro.
Elliot's fate
Elliott will still stay in the capital of Milan with a minority stake of approximately 30% and a sale option when certain conditions occur (from the increase in the share of revenues to the start of the stadium project).
