RedBird and Elliott signed a preliminary agreement over €1.3 billion Milan, the announcement is expected tomorrow

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Milan players celebrating the Scudetto with the team bus on May 23, 2022. (Photo by PIERO CRUCIATTI/AFP via Getty Images)

RedBird Capital Partners are the new owners of Milan, buying the majority stakes from Elliott; the official will arrive on Wednesday.

The sale of Milan has been in the works for weeks, even months, and after Investcorp withdrew from the deal, having failed to reach an agreement with Elliott, RedBird Capital Partners – led by Gerry Cardinale – have struck a deal to acquire the 19-time Scudetto winners.

As reported today by La Gazzetta dello Sport and then confirmed by Milannews.it, ANSA, Bloomberg, Reuters, Il Sole 24 Ore and others – the papers have been signed by both Elliott and RedBird for the transfer of Milan. Milannews.it notes that it happened yesterday.

Gerry Cardinale has landed in Milano this evening and the official statement is expected to arrive tomorrow (Wednesday). RedBird are buying a majority percentage of Milan (believed to be around 70%) for €1.3 billion. Elliott, who took control of Milan 4 years ago from Yonghong Li, will keep around 30% of the club, as they believe in the growth of the Rossoneri brand and in its prospects.

Milan fans during Milan-Atalanta at Stadio San Siro on May 15, 2022. (@acmilan.com)

Elliott will keep some men in the Board of Directors, according to Calcio e Finanza: Gordon Singer – son of Elliott owner Paul Singer, Stefano Cocirio – a financial analyst, and Giorgio Furlani – Portfolio Manager of Elliott, who recently spoke to Forbes about they turned things around at Milan.

“Everything is going as planned,” Milan President Paolo Scaroni told Radio Cor today when asked about the sale of the club. “I believe that in the next few days the negotiations with the new fund-owner will take place, even if a few months will pass between the signing and the closing. I hope that there will be a situation defined in order to be able to face the mercato that we have in front of us with a clear ownership because this makes life easier for everyone.”

Milan fans celebrating the Scudetto with the team bus on May 23, 2022. (@acmilan.com)

The plans of Cardinale and RedBird are reported daily in the news but Cardinale has yet to even sit down with Paolo Maldini and outline the plans of the new owners of the Diavolo to the legendary Captain who currently acts as a Technical Director. They’re expected to meet this week.

It’s a new era at Milan, who change owners for the 4th time in 5 years: from Silvio Berlusconi, to Yonghong Li, to Elliott and now RedBird. A winning cycle needs to be opened.

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Ted

Singers already sold one club. They won Ligue 1 and are selling off half of the team under new ownership. I don’t trust them, they are a hedge fund, it’s all about the Benjamins for them.

SJF

I guess we know very little about this takeover, or what their plans are.
Perhaps its best Milan are not sold to Bahrain for sportswashing.

Though American football investors have not been popular in England. They put clubs in debt and took cash out every year.
There is no doubt this is an investment and they will want a return.
I will follow carefully what Maldini does, he is our compass

dan

We all have our reservations on American investors. But, if they follow a similar model to the one Fennway uses, maybe we will be ok. The problem with Bahrain investors is that if they lose interest, we are doomed. And i personally fear, they will lose some interest after the 2022 WC . Anyway, I think it speaks good things that Elliott still wants to keep a stake, and a seat. Think about it, if it’s all about $$ for them as some ppl think, then them keeping a stake and a seat means they see Milan (and serie A)… Read more »

richis16

elliott keeps 30% of the club and lends red turd 600 mil with 15% interest. it’s very good deal, for elliott. mind you milan is a money bleeding business, makes no profit at all. how is red turd gonna repay that loan, buy new players and build a new stadium?

Lori

nice one