With the signing between Elliott Management Corporation and RedBird Capital Partners done, the change of ownership is now real after months of speculation and rumours about the club's future. Gerry Cardinale, who made big promises yesterday in his first official interview, plans to bring innovation and further success on and off the pitch to replicate the club's glorious history.
According to Il Sole 24 Ore, the agreement between the two American funds will most likely materialise on the basis of a partnership. Elliott values the club at around 1.2 billion euros. However, they will not be collecting that entire fee immediately, since they should remain in the company with a share of around 30%.
Giorgio Furlani (who spoke to the media yesterday) will remaining in the club's Board among the names who will represent Elliott.
As for the transaction between the two funds, should be the following: 600 million euros of equity and another 600 million that is a "vendor loan", basically a loan from the same seller (Elliott in this case) to RedBird that will be paid off in an agreed period of time with interest. The fate of Blue Skye, which currently owns 4% of the Rossoneri shares, must also be understood. But, everything will be sorted out at the time of the finalisation of the closure which should take place in September.
Gerry Cardinale who visited Casa Milan was in awe of the great history of this club and has pledged that Milan will continue to win with him. But, they will also grow off the pitch in a media and marketing point of view. He is sure that RedBird's positive and rich experiences over 25 years in the industry of sports will make the club have a bright future.
