RedBird, Gerry Cardinale’s investment firm, is reportedly ready to invest in football again. This is the news coming from Saudi Arabia, reported this evening by La Gazzetta dello Sport. According to the Italian newspaper, the American businessman is considering acquiring 70% of the club Cristiano Ronaldo plays for, as well as other former greats who have played in European football. For the stake in the club, the US fund, which is the majority owner of Milan, would pay around $267 million (equivalent to 1 billion riyals, the currency used in Saudi Arabia).
As La Gazzetta explains, Al-Nassr is in a very serious debt situation. The club would need to settle around 800 million riyals (approximately $213 million) in debt, and for this reason, PIF, Saudi Arabia’s sovereign wealth fund, which owns 75% of the club, is seeking to involve companies within its portfolio in an attempt to clear this financial shortfall. This would facilitate the sale to Gerry Cardinale’s RedBird fund.
Among the other potential investors, it is speculated that Cristiano Ronaldo himself could also buy up to 20% of the club’s shares. According to the Italian newspaper, such a deal would strengthen the relationship between Cardinale and 'CR7', a global icon of football.
