According to DAZN, RedBird Capital Partners’ Chief Gerry Cardinale has signed the preliminary documents to acquire Milan from Elliott.
Cardinale arrived in Italy yesterday and is currently meeting the representatives of Elliott in Milan.
According to DAZN, he has already signed the preliminary documents that will allow him to buy the Campioni d’Italia for €1.3 billion. Sky Sport Italia claims that the meeting is ongoing and both broadcasters don’t expect an official announcement before tomorrow.
The signing of preliminary contracts is the first step toward taking full control of the club. Cardinale should meet Paolo Maldini over the next few days to discuss his contract extension and the club’s transfer strategies.
Milan takeover: Investcorp chief confirms end of negotiations with Elliott
Milan owners Elliott had been in talks with the Bahrain-based fund Investcorp for several weeks, but the deal collapsed after almost a month of negotiations as the Rossoneri owners were not entirely convinced about the offer coming from Bahrain.
Executive Chairman Mohammed Al Ardhi confirmed the end of negotiations last week, saying that the two parties had failed to reach an agreement.