Gerry Cardinale is working hard to raise money for the repayment of the vendor loan granted by Elliott Management in 2022. Inevitably, this has fueled takeover rumours and PIF has been mentioned, but there are no advanced talks.
PIF, the Saudi Arabian Public Investment Fund, has been linked with a takeover of Milan ever since Andrea Longoni first reported the interest of an ‘Arab fund’. The Rossoneri owner Gerry Cardinale has met several investors in the last few weeks, further fueling the rumours.
As reported by Carlo Festa of Il Sole 24 Ore, Cardinale is working on a solution for the €600m vendor loan, which he wants to repay soon. He has met 5-6 investors in the Gulf area and is willing to give up a minority stake in the club, while most of the investors are keen on an eventual majority takeover.
Following up on his tweet, responding to some questions, Festa added that Cardinale has indeed met PIF but that the talks ‘are not advanced’. Investcorp is another fund that the American has met, with the aim of strengthening the financial situation of Milan.
Cardinale’s first idea is not to sell the club, as Festa concludes, but he will always act in the best interest of his RedBird shareholders. A sale is not to be excluded, therefore.
A few weeks back, we wrote about the situation on our Substack, providing a lot of the details that are being reported today. So if you want the latest inside Milan news, make sure to subscribe!
