According to what was reported exclusively by French website 'LesViolets.Com': On June 9th, a general assembly with the members of the Board of Directors of Toulouse FC took place to formalize Gerry Cardinale's resignation from his position as a board member of the club. He had held this position since the summer of 2020 when he acquired the club, and he will not be replaced. This resolution was unanimously adopted, notably by Damien Comolli, the club's president.
This change is far from insignificant since Cardinale is none other than the founder and owner of the American investment fund RedBird, which controls both Toulouse and AC Milan. This departure does not mean the end of RedBird at Toulouse, but it has to do with the UEFA regulations. In fact, there is an issue because AC Milan is set to participate in the Champions League with a possibility of being relegated to the Europa League by finishing third in their group and regulations prohibit the same owner from registering two clubs in a European competition.
Three days after Comolli's press conference, there was a change of plans, and TFC confirmed Cardinale's departure. RedBird also updated its website, specifying the roles of its executives, and it appears that they have separated the functions of each individual to circumvent the famous Article 5 of UEFA. Gerry Cardinale is now dedicated to AC Milan, while Alec Scheiner, one of his right-hand men, represents RedBird at Toulouse.
As per the French website, UEFA is expected to meet at the end of the month to decide whether the changes made by the founder of RedBird Capital Partners are satisfactory or not.
