RedBird are reportedly closing in on the purchase of AC Milan over a deal valued at the basis of around 1.3 billion euros. Elliott Management Corporation are set to keep a minority stake in the Rossoneri club. Founder and managing partner of the potential buying firm is Gerry Cardinale who is a former banker at Goldman Sachs for many years. His company has a branch that looks into investment opportunities in the sports industry.
Gerry Cardinale’s firm bought a controlling stake in Toulouse who won promotion to Ligue 1 this season finally. The deal reportedly cost a mere 20 million euros and former Arsenal scout and Liverpool director Damien Comolli was appointed as president with Cardinale’s close associate and partner in RedBird Alec Scheiner in the board of directors.
The business does not stop for Gerry Cardinale as RedBird also own just a minority stake in Malaga (Spanish second division club). But, perhaps what the football fans recognise the most is buying 11% of Fenway Sports Group (which owns Liverpool) for a whopping fee around $750 million. (Liverpool Chairman discusses how RedBird have helped them secure a deal with NBA legendary star Lebron James here)
That is not all, besides being involved in investment deals with SpringHill entertainment development and production company of James Lebron, RedBird also have a significant minority share of Wasserman Media Group (around 30 to 40%). This media group represents interest of significant athletes around the world such as Megan Rapinoe in Women’s football (playing for OL Reign), Federico Valverde (Real Madrid), Aymeric Laporte (Manchester City), Curtis Jones (Liverpool), Brenden Aaronson (new signing of Leeds from Red Bull Salzburg) and one Noa Lang from Club Brugge who has been linked to AC Milan for some time now.
Wasserman also works with companies and entities such as the Premier League, NBA, Coca Cola, Microsoft, BMW, NFL, Spotify, Samsung, Vodafone, Sky (UK Broadcaster) and more.