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Milan switch to RedBird: it’s official. Gerry Cardinale new owner

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Milan switch to RedBird: it’s official.  Gerry Cardinale new owner
Written by aquitodovale

from Carlos Passerini and Arianna Ravelli

The Elliott Fund will remain with a share. The official note: The agreement values ​​the club 1.2 billion. The closing scheduled for September. Cardinal: I hate losing. Scaroni, Furlani and Gazidis remain

official: the US fund RedBird, led by Gerry Cardinale, the new owner of Milan who changes hands with the valuation of 1.2 billion euros (and not 1.3 as had been leaked). Stay with a share (which you will have the right to sell in the future) Elliott, which in these four years has restored the accounts (the balance will be closed at around -50 million) and managed to win the championship. In a letter to the fans, Elliott explains that with RedBird there is a common vision and that for this reason they will remain the same leaders at the helm. Cardinale immediately inflamed the fans in the match at Casa Milan: I hate losing, I feel like a winner like you are. The future will have to be built on the successes achieved so far with determination and the will to win. We have the role of custodians and managers of what has been built up to now. We must do this with humility and acknowledging the team and group work that you have achieved together. When I started in the world of sport, sport was different: today the interests involved are different, business and capital, there is a different commitment but always with the same feeling and determination to win, he added. Last weekend I lived it all with the soul of a fan participating in the celebrations: it was an extraordinary show. I lived the show of the World Series, the Super Bowl, the NBA Finals, but nothing gave me the enthusiasm, the excitement I felt that Sunday. This relationship with the fans is very special: we must give them back everything they give us with their passion and enthusiasm.

The agreement

The signatures were affixed last week, not in Milan, in great disguise. Cardinale had already been to Milan and had participated in the Scudetto party confused among the fans, as evidenced by the photo published by the Courier
. On Tuesday 31 May he returned to the city in the afternoon: in the evening at the Four Seasons, where he is staying, he met with Milan president Paolo Scaroni and CEO Ivan Gazidis.

This is the press release that certifies the operation: RedBird and Elliott announced today that they have signed a definitive agreement for the acquisition by RedBird of the Milan Football Association (AC Milan, Milan or the Club), new Serie A champion. of the summer, con the closing expected by September 2022. The agreement, which evaluates the club € 1.2 billion, requires Elliott to maintain a minority financial stake in the club, as well as its own representatives on the board of directors, consolidating thus a partnership between RedBird and Elliott than to continue the progress made under Elliott’s leadership over the past four years. The priority for RedBird to continue the work with the sports area and the management of the club to give continuity to the path of Milan, aiming for a return to the top of world football. The combination of on-pitch successes, new player acquisition and development strategy and world-class global commercial management, combined with RedBird’s expertise in leading and developing international sports franchises will ensure an even brighter future for AC Milan’s legendary history.

Gerry Cardinale, founder and managing partner of RedBird, said:We are honored to be part of the illustrious history of AC Milan and we are thrilled by the prospect of being able to write the next chapter of the club just when it returns to occupy the deserved position at the top of the Italian championship with an eye to future goals at European level. and worldwide. I care about thank Gordon Singer and the entire Elliott team for the extraordinary work done in the last four years in bringing AC Milan back to the top of Serie A. RedBird’s investment philosophy and the results achieved in the world of sport have shown that football clubs can succeed on the pitch, while maintaining a profile sustainable financial. We look forward to starting a long-term partnership with the club, its management and AC Milan fans from around the world to continue pushing AC Milan higher in the years to come.

The words of Gordon Singer, managing partner of Elliott: When Elliott acquired AC Milan in 2018 we inherited a club with an extraordinary history, but with serious financial problems and disappointing sports performance. Our plan was simple: to create financial stability and bring Milan back to its rightful place in European football. I think it can be said that we have achieved both objectives. In this moment of transition to the next chapter of the history of Milan, I want to express our deepest feeling of humility, pride and above all gratitude for the experiences we have shared with every member of the AC Milan family: we could not have done any of this without you, the People of Milan. Elliott, as mentioned, then wanted to write a letter to all Milan fans in which he explains that with RedBird there is a common vision on the future of the club and for this reason they will remain the same leaders. (HERE the full letter)

We are at the signing of the preliminary contract, not at the actual passage of the shares, the so-called closing, which, as the press release says, will take place in a few months, by September. But there is still a decisive junction: the signatures are binding and at this point it would be very onerous to withdraw from the deal. According to the sun 24 hours in the operation too Elliott funding is envisaged in favor of RedBird: there is talk of a figure of around 600 million.

It is clear that from now on the next moves – starting with those on the market – will have to be agreed, as in the spirit of a partnership. Who stays? Following Elliott’s letter to the AC Milan fans, all the current protagonists. The CEO Ivan Gazidishe had already made it clear in the interview with Guardian, at the moment s: his contract expires in November, at least until then to him. In all likelihood, the president too Paolo Scaroniwho will continue to follow the stadium dossier, e Giorgio Furlani, Elliott’s portfolio manager already on the board of Milan. possible that he enters the council Alec Scheiner: lawyer, 49, partner of RedBird, former president of the Cleveland Browns and senior vice president of the NFL Dallas Cowboys, American football.

Cardinale, who from this morning at Casa Milan will immediately take charge of the most urgent issues, starting with the renewal of the contract with Paolo Maldini (and Massara), then of course the market, which will in any case be characterized by sustainability and the search for talented young people, guided by a sophisticated data analysis, since RedBird has also acquired a company that deals with that (HERE the details on the AC Milan market and the priority of retaining Leao).

(article being updated)

June 1, 2022 (change June 1, 2022 | 17:12)

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