The AC Milanowned since 2018 by investment fund Elliott Management, will be under the control of another U.S. fund, red birdannounced on Wednesday that the Lombard club, which has been declared champion of the Scudetto.
The two companies have “signed a specific agreement for the acquisition” of Italian club RedBird, whose main shareholder is from Toulouse, France, according to the press release. This deal values AC Milan at “1.2 billion euros” and should lead to a transfer of ownership in September 2022.
Elliott Management, which cleaned up the finances and restored the sporting credibility of a club that drifted at the end of Silvio Berlusconi’s tenure (1986-2017), “will remain with a minority financial stake and representatives on the Board of Directors,” added of the club.
In the summer of 2020 he took control of Toulouse
RedBird Capital Partners is particularly present in the sports marketing sector in North America and in the summer of 2020 it took control (85% of the shares) of the Toulouse club, which will return to Ligue 1 next season.
His boss, Italian -born financier Gerry Cardinale, is also involved in business operations with several sports franchises in America, particularly those holding the New York Yankees or the Boston Red Sox (baseball). .
“RedBird’s investment philosophy and results achieved in the world of sport have shown that football clubs can be successful on the pitch while maintaining a sustainable financial profile,” he said, quoted in the press release.
Almost half of Serie A clubs are owned by foreigners
Almost half of Serie A clubs are owned by foreigners, almost all of them in the hands of American interests. The only exception is Inter Milan, which is owned by Chinese group Suning.
In addition to AC Milan’s brand image, the operating interest in RedBird is based on the new stadium project being carried out by two Milanese clubs. Synonymous with increased ticket revenue, the new venue is expected to replace the venerable San Siro after 2026.
Source: La Verdad
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