The business transaction between RedBird Capital Partners and Elliott Management Corporation that will see the transfer of the majority of the AC Milan shares should be be closed soon. The agreement for the sale of the majority of the Rossoneri club has been reached in the past weeks, but the transfer of ownership will be formalized only in September.
In this regard, Calcio e Finanza has revealed the names of the companies that should form the future control the AC Milan club.
First, there is FootballCo Intermediate Cooperatief UA, a Dutch company which in the lawsuit brought by Blue Skye against the Elliott fund for the sale of the club was referred to as the “buyer of AC Milan shares”.
FootballCo Intermediate Cooperatief UA in turn controls other companies, in a chain that resembles the current one in some respects, with Project Redblack (majority controlled by Elliott and 4.27% by Blue Skye) which owns 100% of Rossoneri Sport Investment, and which in turn controls 99.93% of AC Milan.
Inside FootballCo, the name of Alec John Scheiner, right-hand man of Gerry Cardinale, appears. The man since 2016 has joined RedBird Capital and has supervised all major sports projects: from Fenway Sports Group (the group that controls Liverpool) to the Red Sox, up to the Pittsburgh Penguins and Toulouse.
Under FootballCo Intermediate Cooperatief – also registered in the Netherlands – is ACM Intermediate Holding BV , registered on 7 June 2022 and of which FootballCo is the sole director. As a cascade, this company controls 100% ACM Bidco BV , another company under Dutch law also registered on 7 June 2022.
Both companies have been registered as “financial holding companies” whose objective is to ” incorporate, participate in any capacity, finance, manage and supervise businesses and companies“. These are, therefore, the vehicles through which the AC Milan acquisition process will be completed.
Article appeared first on Calcio e Finanza.