Reading time: 2 Minutes
News Milan, changing of the guard at the top of the company. The RedBird era begins at Casa Milan, after the signatures for the transfer of ownership for 1.2 billion euros, the official announcement has also arrived that completes the operation. Communication that definitively establishes the purchase of the majority of the club in via Aldo Rossi. The closing is expected by September 2022 and Elliott will remain as a minority shareholder. “Honored to be part of of the history of Milan, excited to be able to write the next chapter “said Gerald Joseph Cardinale, number one of the American investment fund.
News Milan, changing of the guard at the top of the company. Who is the new majority shareholder?
Gerald Joseph Cardinale, “Gerry” to his friends, was born in Filadelfia (USA), into a family of Italian origins. He studied at Harvard and Oxford, worked in the Goldman Sachs investment bank (one of the most powerful in the world) and created the RedBird fund, which today manages around 6 billion dollars of its investors and has over 80 in its portfolio. acquisitions. It is 2014 when he gives life to RedBird, specializing in the sports sector and investing in the sports business all over the world. Some examples: currently, through RedBird, holds 85% of the newly promoted Toulouse in Ligue1 and 10% of the company that controls the majority of Liverpool’s shares. But he also has overseas interests, in the Boston Red Socks (baseball), in the Pittsburg Penguins (ice hockey), as well as directly controlling Dream Sport, a sports platform in India specializing in cricket (national sport in India).
News Milan, changing of the guard at the top of the company. Cardinale’s goals
The great “revolution” that would lead to Milan lies in the system with which it operates, different from other US entrepreneurs who entered the world of Italian football (Commisso, Pallotta, Friedkin, Platek …) by buying the club with the only and natural ambition to win. Without sacrificing results, Cardinale’s goal is to transform the Milan galaxy by building a multimedia industrial platform. AC Milan will therefore not be a simple “hobby” for Cardinale: RedBird’s project is in fact to put the club at the center of a sports project that focuses on the media. To give another example: RedBird also owns Legends Hospitality, a company that operates in the distribution of tickets, merchandising, production and sale of gadgets, and television services. A series of linked businesses in which the “soccer team” project will also be integrated
#News #Milan #changing #guard #top #company