RedBird founder lands in Milan to complete club takeover

The founder of company Red Bird has now landed in Milan to complete their takeover of the Rossoneri.

La Repubblica have reported that Gerry Cardinale has landed in Milan two days after the Scudetto win and he will return to New York soon. The transfer of ownership is expected during the week, following the signing of the preliminary contract.

Elliott will remain with a substantial minority stake (about 30% of the shares), with a valuation of the Rossoneri set to be around $1.3 billion but it could rise to $1.8 billion if certain conditions are met, namely the increase in turnover to the construction of the new stadium.

It is an assessment that takes into account how the prices of leading clubs are rising and the economic expectations for a Milan side that is once again competitive. Over the last year, Milan’s valuation has risen by 35 percent. 

The takeover comes after Investcorp have stated that they have pulled out, after they had given an ultimatum to Elliott Management for the takeover.

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