Italian Football

Cardinale and RedBird Set to Complete Milan Takeover

Milan is preparing to receive the new owner Jerry Cardinale. Elliott accepted a €1.2 billion offer to sell the club Back in June, the process took a few months to officially complete. The closing will be lower today. The former Goldman Sachs banker will be in Italy soon to speak to the press and address the public, Republic reports.

Differently from the initial reports, Redbird Capital 99.93% of the club. They have raised 400 million euros from new investors, while Elliott will loan 600 million euros at a rate of 7 percent. The Steinbrenner family contributes, which controls the New York Yankees. NBA star LeBron James will participate indirectly through the Main Street Capital fund. The others were joined by music producer Jimmy Goffin and Italian businessman Riccardo Florida. He founded Miami Football Club along with Paolo Maldini in 2015 and previously served as CEO of RossoneriTelevision Channel.

Elliott will not hold shares of the club with Cardinale at the helm, just as collateral, but they will be referring to two members of Milan’s board of directors. While Maldini and Frederic Massara have re-uploaded their contracts, CEO Ivan Gazidis’s contract expires in November. He tends to leave the outfit. Giorgio Forlani, a close associate of Paul Singer’s chest, could take his place in the future. President Paolo Scaroni should retain his role as well. However, the Italian government is trying to take him to chair the committee for the 2026 Winter Olympics. But he can do both and focus on the new stadium.

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