Milan’s ownership takeover from Elliott Management to US-based investment fund RedBird Capital is all but sealed. The Italian champions will be led by new owner Gerry Cardinale after the €1.2 billion transfer was deemed complete in the early hours of Wednesday.
‘The transition to the new ownership will take place over the summer, with an expected closing no later than September 2022,’ as per the club’s official website.
RedBird Capital Partners enters into agreement with Elliott Advisors to acquire AC Milan ➡️ https://t.co/W1YQr6GIxG
RedBird Capital Partners sottoscrive un accordo con Elliott Advisors per l’acquisizione di AC Milan ➡️ https://t.co/MB0JQRMKWy
#SempreMilan pic.twitter.com/Ri055vyggh— AC Milan (@acmilan) June 1, 2022
However, the deal will see Elliott retain a 30% interest in the club – a minority share that will see them have financial sayings as well as seats on the Board of Directors.
AC Milan announce American investors RedBird Capital Partners have reached a deal worth $1.3B to acquire the club.
RedBird also hold stakes in Fenway Sports Group, who own Liverpool, the Boston Red Sox and the Pittsburgh Penguins. pic.twitter.com/9tkvfoJ0f5
— B/R Football (@brfootball) June 1, 2022
The new patrons have already declared intentions of moving forward and establishing the club’s footing back as one of the best in the world, building upon Elliott’s hugely successful four-year stewardship that saw the Rossoneri re-assert dominance on the domestic stage by winning the 2021/22 Scudetto title after a ten-year hiatus.
? A warm welcome to the Rossoneri family to Gerry Cardinale ❤️?#SempreMilan pic.twitter.com/9vvhuZak6i
— AC Milan (@acmilan) June 1, 2022
RedBird Capital founder Gerry Cardinale announced his satisfaction with the brokered deal on his visit to Casa Milan.
“We are honoured to be a part of AC Milan’s illustrious history and are excited to play a role in the Club’s next chapter as it returns to its rightful place at the very top of Italian, European and world football. RedBird’s investment philosophy and track record in team ownership has shown that football clubs can be successful on the pitch and sustainable off it – we are looking forward to a long term partnership with the club, its management team and Milanisti around the world to keep propelling Milan in the years to come.”
Cardinale also confirmed that the club’s existing executives would continue to lead the line, affirming Paolo Maldini stay as the technical director. Sporting director Ricky Massara is also expected to hold onto his role.