According to sources obtained by the 'Milan Reports' Arabic editorial team, there is significant interest from the Saudi Investment Fund (PIF) in purchasing AC Milan.
Leading this effort is the Rossoneri number 3 legendary captain and former director, Paolo Maldini, who has been in Saudi Arabia for over two weeks for various reasons, including participation in sporting events related to the sports project and the hosting of the Club World Cup in Jeddah.
According to the information obtained, Paolo Maldini had a meeting with officials from the Saudi Investment Fund at the fund's request. The aim was to gather information and details about the possibility of purchasing Milan. This isn't just limited to that meeting; there's ongoing discussion with Paolo Maldini from the Investment Fund to study all the details.
The Saudis are exploring the possibility of buying Milan from all angles, whether as a minority shareholder or even buying the club entirely. The preferred option now is buying the entire club.
For PIF, Paolo Maldini is the right figure in this operation because of his rich history of the club and his comprehensive knowledge of both the sporting and economic aspects from 2018 to 2023 when he served as a director.
At this time, there hasn't been an official offer, but there's a thorough study and analysis regarding the acquisition of Milan, and Maldini is the 'intermediary' for this process.
It's worth mentioning that 'Bloomberg,' specialising in global economic affairs, mentioned last summer that the Investment Fund wants to purchase a major European club, including Italian club Milan as a possible candidate
RedBird founder, Gerry Cardinale, has made several visits in recent months to the Arabian Gulf, specifically to the Saudi capital, Riyadh, to seek an investor capable of buying Milan.
Cardinale acquired Milan on August 30, 2022, from the American fund Elliott for 1.2 billion euros. He received a loan from the seller around from 550 to 600 million euros, to be repaid in 2025.
A few days ago, the Italian newspaper 'Repubblica' mentioned that Elliott intends to exit the Milan project in 2024 because, according to their institutional criteria, they will have completed their full time in the project from 2019 to 2024 (5 years), as they announced in their investment plans when they took over Milan that year.
With Elliott's exit, Gerry Cardinale will face an extremely challenging task to continue the Milan project, especially since he needs to repay the loan of 550-600 million euros in 2025 registered under his investment fund RedBird (not Milan) and also his construction project for the new Milan stadium, which should cost approximately an additional 1 billion euros.
With Elliott exiting the scene, it will be difficult for Cardinale to continue with this project, leading to the construction of a new stadium for Milan, as well as the sporting, economic, and entertainment project for Milan.
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