Milan president Paolo Scaroni underlined the business acumen of new owner Gerry Cardinale and provided an update on the status of RedBird’s takeover.
The US investment fund, who also own majority shares in Liverpool through the Fenway Sports Group, purchased the Rossoneri for around €1.2 billion from current owners Elliott Management. They emerged as contenders after Elliott’s talks with Bahraini investment fund Investcorp stalled.
Speaking at the Festival dell’Economia in Trento, Scaroni first gave his thoughts on Cardinale and why RedBird decided to takeover Milan.
“He is the son of second-generation Italian emigrants, he studied in Philadelphia, then Harvard, then he won the Rhodes Scholarship, which is the most important scholarship to go to Oxford and which two people get a year, then he was 23 at Goldman Sachs.
“Then he created a fund and bought Milan. He didn’t buy Milan because he likes to play football but because it’s an important investment. He is a champion.”
The Milan president then commented on the next steps regarding the change of ownership from Elliott to RedBird.
“It will take two or three months for the closing but the transaction is done.
“And I am happy that all this has happened before the market because we are entering a phase in which decisions have to be made and it is good to make them.”
Fans are now hoping for stability and solid investment from their new owners, hoping to confirm their return to the top. A number of priorities have already presented themselves to RedBird, like renewing the contracts of directors Paolo Maldini and Frederic Massara, as well as tying down stars like Rafael Leao.
#Milan, #Scaroni: '#Cardinale è un fuoriclasse. Due-tre mesi per il closing, sarà bello prendere decisioni sul mercato' https://t.co/uSOnORjX4U
— calciomercato.com (@cmdotcom) June 3, 2022