Elliott Archives - The Cult of Calcio

Gerry Cardinale plans to keep ahold of Milan for the foreseeable future and is working to refinance the debt accumulated with Elliott.

Milan Owner Working to Stay in Charge a While Longer

December 10, 2024 Enrico Passarella AC Milan, Italian Football, Serie A, Serie A 2024-2025

Gerry Cardinale plans to keep ahold of Milan for the foreseeable future and is working to refinance the debt accumulated with Elliott. He took over the club from the American fund through a vendor loan that has to be paid through a bullet payment.

The Milan DA’s office has transmitted the paperwork of the ongoing inquiry on RedBird Capital and Elliott to the federal prosecutor.

Federal Prosecutor Gets Documents to Open Milan Probe

March 19, 2024 Enrico Passarella AC Milan, Italian Football, Serie A, Serie A 2023-2024

The Milan DA’s office has transmitted the paperwork of the ongoing inquiry on RedBird Capital and Elliott to the federal prosecutor. He will have up to 120 days to investigate the matter. Then, he'll decide whether it merits a referral or if it shoudl be dismissed.

Milan might eventually face some punishment for the ongoing probe about their ownership structure, but not in the short term.

Milan Not Expected to Be Disciplined Anytime Soon

March 15, 2024 Enrico Passarella AC Milan, Italian Football, Serie A, Serie A 2023-2024

Milan might eventually face some punishment for the ongoing probe about their ownership structure, but not in the short term. The inquiry was born from ordinary justice. The detectives will need to prove they have enough evidence to support their accusation.

Milan have been canvassing the market for a new no.9 and, regardless of other moves, they are ready to spend about €50M for a young center-forward.

Milan Exec Under Investigation over Ownership Structure

March 13, 2024 Enrico Passarella AC Milan, Italian Football, Serie A, Serie A 2023-2024

The Milan HQ was raided by the Italian finance police on Tuesday, searching for documents related to the change of ownership from the Elliott fund to RedBird Capital back in 2022. Current CEO Giorgio Furlani and the previous one, Ivan Gazidis, are under investigation

Milan are set for an unusual event for a top Serie A side: closing a balance sheet session in the black, as a board meeting certified.

Milan Achieve Rare Financial Accomplishment for Serie A

September 28, 2023 Enrico Passarella AC Milan, Italian Football, Serie A, Serie A 2023-2024

Milan are set for an unusual event for a top Serie A side: closing a balance sheet session in the black. The Rossoneri had a meeting of the board on Wednesday. The team recorded a €6M profit in 2022/2023. It’s a steep improvement relative to the -€66M in the previous season.

As was widely expected following the RedBird Capital takeover, Ivan Gazidis will leave Milan after four years. His contract will run out on December 5th.

Milan Confirm that CEO Gazidis Is Leaving the Team

November 10, 2022 Enrico Passarella AC Milan, Italian Football, Serie A, Serie A 2022-2023

As was widely expected following the RedBird Capital takeover, Ivan Gazidis will leave Milan after four years. His contract will run out on December 5th and will not be extended. Elliott appointed the South African executive while the club was in hot water financially after the Yonghong Li era.

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.

Cardinale Expounds on His Vision for Milan and Serie A

September 30, 2022 Enrico Passarella AC Milan, Italian Football, Serie A, Serie A 2022-2023

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: "Our interest for the team and its brand involved the Italian league and its potential too."

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.

Cardinale and RedBird Set to Complete Milan Takeover

August 31, 2022 Enrico Passarella AC Milan, Calciomercato, Italian Football, Serie A, Serie A 2022-2023, Transfer Market

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.

The negotiation between directors Paolo Maldini, Ricky Massara and the Milan brass has gone on until the last day of their contracts.

Milan Managerial Power Struggle Goes Down to the Wire

June 30, 2022 Enrico Passarella AC Milan, Calciomercato, Italian Football, Serie A, Serie A 2022-2023, Transfer Market

The negotiation between directors Paolo Maldini, Ricky Massara and the Milan brass has gone on until the last day of their contracts. While nobody forbids them from striking a deal later on, they would not have any tie to the club starting tomorrow.

Milan director Paolo Maldini admitted the difficulties but urged to avoid panicking following the large defeat to Lazio Tuesday.

Maldini Not Negotiating Just Contract with Milan Owner

June 27, 2022 Enrico Passarella AC Milan, Calciomercato, Italian Football, Serie A, Serie A 2022-2023, Transfer Market

Paolo Maldini has yet to extend his contract with Milan, which has hindered the club on the transfer market. The signature is said to be imminent, as his deal expires in four days. He is reportedly debating a few technical matters with the new owners.

As anticipated, RedBird Capital has completed the first stage of the Milan takeover today. The parties put pen to paper and announced the €1.2B acquisition.

RedBird Capital Finalizes First Step of Milan Takeover

June 1, 2022 Enrico Passarella Calciomercato, Italian Football, Juventus, Serie A, Serie A 2020-2021, Serie A 2022-2023, Transfer Market

As anticipated, RedBird Capital has completed the first stage of the Milan takeover today. The parties put pen to paper and announced the €1.2B acquisition earlier today. Previous owners Elliott will remain involved with a minority stake.

Gerry Cardinale, the CEO of RedBird Capital, is in Italy to finalize the Milan takeover. The American conglomerate will acquire the club for €1.3B.

RedBird Capital on Verge of Completing Milan Takeover

May 31, 2022 Enrico Passarella AC Milan, Calciomercato, Italian Football, Serie A, Serie A 2022-2023

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 initially maintain a minority stake of the club.

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