Milan at RedBird, there is the official: a deal worth 1.2 billion euros

American AC Milan 2.0 was born. June 1, 2022 will be remembered as the day the Devil passes from the hands of the Elliott Fund into those of RedBird Capital. Another background, always with the stars and stripes flag on the flagpole.

The press release

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As it emerged quite clearly yesterday, which had recorded the return to Milan of Gerry Cardinale, number one of RedBird, today was the good day for the official announcement. And announcement was, in the middle of the morning, after the signing (i.e. the signatures on the preliminary sale) which took place in recent days. “RedBird Capital Partners and Elliott Advisors UK Limited – reads the official press release – announced today that they have signed a definitive agreement for the acquisition by RedBird of Associazione Calcio Milan, the new Serie A champion. The transfer to the new ownership will take place. during the summer, with the closing expected by September 2022. The agreement, which values ​​the Club € 1.2 billion, provides that Elliott will maintain a minority financial stake in the Club, as well as its own representatives on the Board of Directors, thus consolidating a partnership between RedBird and Elliott that will continue the progress made under Elliott’s leadership over the past four years. The priority for RedBird is to continue working with the sports area and the management of the Club to give continuity to Milan’s path, aiming for a return to the top of world football. The combination of success on the pitch, new player acquisition and development strategy and world-class global commercial management, combined with RedBird’s experience in leading and developing international sports franchises will ensure an even brighter future for AC Milan’s legendary history. ”

The statements

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Then the words of those directly involved. Gerry Cardinale, founder and managing partner of RedBird: “We are honored to be part of the illustrious history of AC Milan and we are thrilled by the prospect of being able to write the next chapter of the Club right when it has returned to occupy the deserved position at the top. in the Italian championship with an eye to future goals at European and world level. I would like to thank Gordon Singer and the entire Elliott team for the extraordinary work they have done over the past four years in bringing AC Milan back to the top of Serie A. RedBird’s investment philosophy and achievements in the world of sport have shown that football clubs they can be successful on the pitch while maintaining a sustainable financial profile. We are looking forward to starting a long-term partnership with the Club, its management and AC Milan players from all over the world to continue to push AC Milan higher and higher in the years to come. ” Then Gordon Singer, managing partner of Elliott: “When Elliott acquired AC Milan in 2018 we inherited a club with an extraordinary history, but with serious financial problems and disappointing sports performance. Our plan was simple: to create financial stability and bring Milan back to their rightful place in European football. I think it can be said that we have achieved both objectives. In this moment of transition to the next chapter in AC Milan’s history, I want to express our deepest feeling of humility, pride and above all gratitude for the experiences we have shared with every member of the AC Milan family: we could not have done any of this without of you, the Milanist People “.