Milan are primed to usher in new owner Gerry Cardinale. Elliott accepted a €1.2B offer to sell the club back in June, with the process taking a few months to be formally completed. The closing will go down today. The former Goldman Sachs banker will be in Italy shortly to talk to the press and address the fans, La Repubblica reports.
Differently from initial reports, RedBird Capital will acquire 99.93 percent of the club. They have collected €400M from new investors, while Elliott will loan €600M with a 7 percent rate. The Steinbrenner family, which controls the New York Yankees, is contributing. NBA star LeBron James will be indirectly involved through the Main Street Capital fund. Others joining in are musical producer Jimmy Jovine and Italian entrepreneur Riccardo Florida. He founded Miami FC alongside Paolo Maldini in 2015 and previously served as the CEO of the Rossoneri’s TV channel.
Elliott will not keep shares of the club with Cardinale at the helm, only as collateral, but they will indicate two members of the Milan board of directors. While Maldini and Frederic Massara re-upped their contracts, CEO Ivan Gazidis’ one expires in November. He’s leaning towards leaving the outfit. Giorgio Furlani, who is tight with the Paul Singer fund, could replace him down the line. President Paolo Scaroni should keep his role too. However, the Italian government is trying to poach him to head the committee for the 2026 Winter Olympics. But he could do both and focus on the new stadium.
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