October 1, 2022

Wire Service Canada

Complete Canadian News World

Football, Serie A – AC Milan change ownership from Elliott to Redbird: Signatures today

Milan, we are changing. According to Gazzetta dello Sport, the closure was planned and thus the actual passage of Milan into the hands of red bird. According to the reconstruction, “The process is complicated because many companies will be involved. AC Milan shares will be transferred from Elliott to Red Bird through a chain of companies, whose reference financial ownership will be a vehicle under Dutch law. The total price of the operation will be 1.2 billion euros, but Red Bird spending will be lower. Elliott will finance the buyer with a ‘seller’s loan’ (buyer’s debt to the seller) of up to €600 million, with an expected annual interest rate of 7%.

30-60 days

A time could have been agreed – 30 or more likely 60 days – to determine the potential entry of new investors into the Rossoneri Club’s Gerry Cardinale venture.

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Also LeBron James and New York Yankees

The fund’s insurers also include NBA basketball star LeBron James and the family that owns the Yankees, the world’s most famous baseball franchise. But also the Italian businessman Riccardo Silva, the TV rights activist. As for management, President Paolo Scaroni could remain, while CEO Ivan Gazidis is in the balance.

Cardinale: “Redbird is the guardian of AC Milan’s history and success”

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