According to Il Sole 24 Ore, Newcastle owners PIF are in talks with Gerry Cardinale over the acquisition of Milan‘s minority stakes.
Wednesday’s printed edition of Il Sole 24 Ore, Italy’s most important financial newspaper, claims PIF are in talks with Milan owner Gerry Cardinale over a possible purchase of the Rossoneri’s minority shares.
PIF are reportedly planning to expand their business in Europe, making investments in different sectors, including sports and football.
According to the report on page 34, PIF has been offered the chance to invest in RedBird by contributing the money necessary to reimburse a €550m vendor loan from Elliott. The alternative solution would see PIF join RedBird for a ‘wider’ partnership.
Il Sole 24 Ore claims PIF representatives have already met Cardinale several times, and talks are expected to continue until the end of March when the two parties will make a final decision on the potential partnership.
Cardinale has recently addressed rumours regarding Milan’s sale, insisting that he’s not considering selling a majority stake in the club. “I want to be categorical: it’s completely false. I’m here to stay for a long time; I have a job to do. I’m committed to bringing Milan back to the top of Serie A and Europe, and I won’t stop until I’ve achieved these results,” he said.
Cardinale’s RedBird acquired Milan from Elliott in August 2022 for €1.2 billion.
I like how nowhere in the article have you stated who or what ‘PIF’ is…..! I wonder why 🤦🏻♂️