RedBird is the owner of Milan, but Elliott continues to command the board | First page

RedBird is the owner of Milan, but Elliott continues to command the board | First page
RedBird is the owner of Milan, but Elliott continues to command the board | First page
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In summary: Elliott sold Milan to RedBird for 1,200 million, half of which he loaned them to him, at an interest rate of 7%, otherwise RedBird would not have been able to close the operation, despite having beaten international markets to the bottom, also finding important media partners, which serve to make headlines in the newspapers (from New Your Yankees to LeBron James, investor in a fund involved in the operation ) and to dismiss questions. That way of lending money when you sell something is called a vendor loan and we want to explain that it is normal in transactions of this kind, but it is not true. not 50% at least.

Now the shareholders’ meeting has voted for the new board of directors, which however looks a lot like the old one. Same president (Scaroni), same CEO (Gazidis, until November), three directors who report directly to Elliott: Gordon Singer (son of Paul, the founder of the Elliott fund), Giorgio Furlani (portfolio manager of the fund and probable successor Gazidis in the role of CEO) and Stefano Cocirio (financial analyst). Gerry Cardinale, Alec Scheiner, Niraj Shah and Isaac Halyard, RedBird vice president, complete the board.

So there are 5 out of 9 advisers who can be referred to the old property, exactly as L’Equipe wrote at the beginning of June, when he anticipated details overlooked by the vast majority of Italian information, and not 2, as the agency that takes care of RedBird’s public relations had filtered out and which, moreover, is curiously the same that takes care of Elliott. One sells, lends money so that the other can buy and remains a majority in the board of directors, despite no longer having shares in the company: a masterful operation.

To explain it, only the communiqué of the circumstance, because not even on this occasion was a press point set up where it was possible to ask a few questions to Cardinal. And to say that there would be a lot of what to ask him. To him, to Gazidis, to Scaroni. Blue Skye has withdrawn its case at the Milan court, but the disputes in New York and Luxembourg remain open, while in the background the mystery – which emerged for another legal issue involving Elliott on the sale of Milan – of the old Chinese owner, who would not be Yonghong Li, but Lee Sui Har. Another person or perhaps the same one with two names, obviously one of art.

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Gerry Cardinale has not yet given an interview to an Italian media. He made his debut at San Siro for the derby, winning and lucky patron, but then he flew away immediately, skipping the debut in the Champions League and also the match with Dinamo Zagreb. He will not be president in the Italian style (on the contrary: he will not even be president), he will not be a new Berlusconi, a fan and a lover. He will watch his business grow from afar, which will work if Milan works. Economic policy remains the same as in recent years and as we have seen with the market, it is useless to repeat it. For this Leao will not stay in Milan, but it is quite clear that this is not the point.

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Ps the fourth of the 7 questions asked to Elliott was this, for those who have forgotten them:
How many Elliott’s men will be in the next AC Milan board: 5 as the Equipe wrote or 2 as he learned about Calcio e Finanza from “sources informed on the affair”?


The article is in Italian

Tags: RedBird owner Milan Elliott continues command board page

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