Gerry Cardinale, the CEO of RedBird Capital, is in Italy for a series of meetings to finalize the Milan takeover. The American conglomerate will acquire the club for €1.3B. Current owners Elliott will maintain a minority stake.
According to Sky, the magnate will have a summit with directors Paolo Maldini and Frederic Massara later this week to discuss their new contracts. The plan is for them to continue guiding the team. The bigwigs will also define the summer budget. Top executive Ivan Gazidis told The Guardian that he would preserve his position in the short term.
Red Bird Capital successfully bested Investcorp in the duel to buy Milan even though the takeover by the Bahraini fund seemed on its homestretch. The consortium won over Elliott with a richer offer. Moreover, it proposed a partnership between the two firms that will expand beyond the Rossoneri.
The new governors invested €750M for 10 percent of the Fenway Sports Group, which controls Liverpool and the Boston Red Sox in 2021. They directly manage French club Toulouse, which returned to Ligue 1 this season. The group handles assets for $6B and contributed to the revival of the American football minor league XFL.
The parties will soon proceed with the signing. The formal announcements will come shortly, perhaps as soon as tomorrow. The closing should be completed within two months. The officials will be able to operate after the first step and their likely extensions.
Milan president Paolo Scaroni updated on the state of the RedBird Capital takeover from Florence.
“Everything is going according to plan. The negotiation will conclude in the next few days. Although it will take more time to get everything in order. I hope it will allow us to tackle the upcoming window with clarity.”