New Milan owner Gerry Cardinale shared his thoughts on Milan and Serie A and explained why RedBird Capital decided to target and ultimately buy the club during the sports business convention ‘Leaders Week’ in London (via Calciomercato).
“The Rossoneri are a sleeping giant. Our interest for the team and its brand involved the Italian league and its potential to grow as well. I don’t think the revenue should be so different compared to the other top European championships. An outfit has to be evaluated within the ecosystem it is in. I see enormous value and an upward trajectory for both our side and Serie A.”
Cardinale has lofty goals for Milan, and reaching them would elevate the whole league in his opinion.
“For the way we conceive our enterprises, raising the level of the club will aid the whole Italian football system. Acquiring the Rossoneri was one of the most thrilling things we did. RedBird Capital studied the European landscape for five years. We met with 200 outfits across the continent before picking one. I think it’s a forward-looking purchase.”
The American fund announced the agreement during the spring and completed the takeover right after the transfer market window ended. The Rossoneri were valued at €1.2B, with RedBird paying €650/700M and getting a €200/300M short-term vendor loan from the previous owners. A host of minor investors covered the rest of the costs, Il Sole 24 Ore reports. Elliott maintained three seats on the board of directors.
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