Milan are keeping things close to the vest and downplaying the chatter publicly, but Gerry Cardinale is getting busy finding a minority shareholder who could contribute to repaying the vendor loan granted by Elliott during the sale of the team. It amounts to €550M and is up in 2025.
According to Telecity (via Tuttocampo), the Rossoneri brass touched base with PIF in mid-February. The Saudi fund is always looking to expand its portfolio and eyed Serie A in the past. Per La Repubblica (via Fantacalcio), the owner will be in Jeddah for the upcoming Formula One Gran Prix. It’ll be an opportunity to examine the topic vis-à-vis.
However, Milan aren’t talking only with PIF, which already controls Newcastle in Europe. A partial takeover could potentially create problems with UEFA. They narrowly skirted the issue with Toulouse this season, as RedBird Capital also governs the Ligue 1 side.
The vendor loan isn’t the only major investment on the horizon for the Rossoneri. If the project to build a new stadium in San Donato gets the green light, they’ll create a consortium to bankroll it. Their owner wouldn’t do its own.
Our Take on Milan
There are big sums and meaningful deadlines at stake, but, while a little odd as far as Italian football is concerned, this stuff is routine in the finance world. It will become increasingly normal with foreign patrons, especially those from hedge funds.
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