AC Milan will see their shares transferred from Elliott Management Corporation to RedBird Capital Partners finally in September.
As per Milannews.it, Gerry Cardinale, through his investment fund, will acquire all of Elliott's shares for 1.2 billion euros. Therefore, RedBird will be the majority shareholders with the existence of the small shareholders.
"Elliott will remain present on the board of directors through a financial participation, or the so-called "Vendor Loan" which is the loan from the seller to the buyer, whose interest rate would be around 7% and whose amount between 200 and 600 million", writes Milannews.it.
Elliott Management will have the ability to appoint two directors to the board of AC Milan which could be Gordon Singer and Giorgio Furlani. Therefore, the Singer family fund will not have equity interests, but will be in an economic partnership with RedBird, concludes the report.
