AC Milan's owner, Gerry Cardinale, has spoken to the microphones of '7' which is dedicated to Il Corriere della Sera. Here are his words:
"The photo in Piazza Duomo during the championship celebrations? We had already arranged everything, but we decided not to make it public before the last match so as not to interfere. There's an untold story: my dad used to send me to Italy when I was a child. I was here in 1982 when the Azzurri won the World Cup: I watched Franco Baresi, Daniele Massaro, Paolo Rossi, I had their poster in my room, I'll have to talk to Franco and Daniele about it! Going to Duomo was like reliving a very strong emotional moment: a very intimate feeling. That photograph reveals my passion, not my emotions, there's a difference. Emotions belong to the fans, my responsibility requires self-discipline. The Curva Sud is fantastic. The fans are our partners, part of the club's cultural heritage: there's a community here, it's different in America."
Gerry Cardinale continues:
"Why Milan? Before buying it, I studied over 200 European clubs for five years. I've always thought it's one of the top 4-5 clubs in Europe. We're here thanks to what our predecessors did, Silvio Berlusconi, Gianni Rivera before him, Sacchi, Baresi, Maldini... I have enormous respect for Berlusconi, he was a great visionary, the results speak for him. He brought Milan to the top, then it was difficult to keep pace because the world was changing, with a strong evolution in content consumption and technology. This is a great lesson, you can never rest on your laurels. Football clubs are content creators and as such, they own the intellectual property: it's a huge potential to unlock their true value. I started over 20 years ago, when sports were considered a hobby for the wealthy. What I like about intellectual property is that it's resilient, it survives financial crises and pandemics, but it requires constant work. It's not enough to show up with money and buy: everyone has money today, you need innovative ideas and a plan."
How was your first year at Milan? Gerry Cardinale said:
"I haven't done anything yet. I entered cautiously, I maintained the inherited organization. Moreover, I have great respect for Paolo Scaroni, chosen by Elliott who did a great job, and I thank him: he is so consistent with the world I come from and at the same time so much a Milan fan and authoritative. One of my best moves was bringing Giorgio Furlani (CEO) and Stefano Cocirio (CFO) to Milan, they left Elliott without controversy. It gave me the necessary time to evaluate what worked and what didn't. This is the first season where I'm involved in the transfer market, in the stadium project, and we're starting to apply our ideas to enhance the brand. The change in management in the summer? At that time, someone commented: 'Here, Cardinale doesn't want to spend on Milan.' But do you think I'm investing 1.2 billion just to make a quick profit? It's a long-term project: I want to win, but not just once, many times over time. In football, I want to be a Berlusconi 2.0, to have the same impact in a completely changed context. Now, with the highest revenue in Milan's history, we face a new phase: we want to be number one, but we can't do it without changes."
On the controversies regarding the operation with Elliott, Gerry Cardiale said:
"Nonsense. The reality is that RedBird owns 100% of Milan: it put in 600 million in capital and controls 100% of that capital. I believed that continuity with Elliott was a virtue, so I preferred its pure financing, without shares in the capital, for 550 million euros at a very interesting interest rate, which I will pay off in three years. I could have raised a billion in cash, I could have involved third-party banks, I chose to do it with Elliott, because I have enormous respect for Paul and Gordon Singer. It was a smart way to buy Milan: certainty, speed, the possibility of ensuring continuity to start strong."
On the Moneyball model:
"It's crucial to understand that data is just one of the tools in our toolbox. From what I read, it seems that if you're a data expert, it means you're not good at scouting. It's ridiculous. Moneyball was written 20 years ago, today everyone uses data but in our portfolio, there's an analytics company with 13 MIT researchers. European football is not baseball, it requires a different level of sophistication, and we believe we are at the forefront."
On Italian football:
"The thing that struck me the most in this first year is seeing the gap with Chelsea in the two Champions League matche", said Gerry Cardinale, "So I wanted a Milan that's more physical, faster, more intense, and you could see it in the early matches. I'll do everything to have a winning club, but as a partner of Serie A, we have to hope for equal commitment to reduce the gap for the entire league with the Premier League. To achieve this, we need to change. I believe I can contribute, I have 30 years of experience, I've worked with the best. The partners of companies in our portfolio are Apple, Amazon, Paramount, Disney, ESPN, Fox, I've found innovative ways to maximize the value of the product. I'm disappointed that Serie A didn't take them into account. I offered to share my experiences, but no one seems to find them relevant."
On the new stadium, Gerry Cardinale said:
"The prerequisites are encouraging. With the approval of the Municipality of San Donato and the Region, whom we thank, we have already held several very productive sessions. Our proposal is supported by a massive volume of technical reports: it will be a state-of-the-art stadium, 10 minutes by subway from the Duomo, we will bring live events, world-famous artists will perform there. It's a missed opportunity for Milan, to our great regret, because I have developed great esteem for Mayor Sala. I'm disappointed, especially because there were some prejudicial minorities, who blocked the way even for the project at La Maura. It would have been the greenest sports facility in the world, with 85% dedicated to greenery and only 15% cemented area. Am I regretting investing here? No, I feel at home here. When we bought Milan, in America they told me: 'You're crazy, you can't do business in Italy. There's bureaucracy, there's politics.' And when I thought about building a new stadium, I was told: 'Forget it. Have you seen what happened in Rome?'. But apart from the fact that being told I can't do something increases my determination, I see Italy with different eyes, I think Italians are collaborative and open to dialogue. I would like to invest more here. When we build the new stadium, it will be a billion-dollar project and it would be a great sign if it were supported by Italian capital as well. It would be an answer to those who claim that you can't do business in Italy."
On his hobbies, Gerry Cardinale said:
"Today, I drive more and play tennis, which interests me as an investment for RedBird. I have a great relationship with Novak Djokovic, a big Milan fan."
