Elliott took over Milan after the Chinese owner of the Milan club failed to repay a loan installment of 300 million euros.
Elliott, an investment fund that specializes in buying debt at very low prices and then demanding payment based on the original promissory note, made big profits from this trade.
AC Milan won their first league title in eleven years last week. The club lost nearly 100 million euros in 2021, and nearly 200 million the year before.
Elliott will remain on the ownership side of the Milan club, but now RedBird holds the majority stake.
Also has Toulouse
The firm RedBird Capital Partners, led by Gerry Cardinale, and basketball star LeBron James, and entrepreneurs Maverick Carter and Paul Watcher as partners, bought Fenway Sports Group (FSG) last year. They bought about a ten percent stake for 543 million pounds.
Then David Maddock in the Mirror launched the theory that the company would eventually take over as owner of Liverpool FC after John W. Henry and Fenway Sports Group (FSG). Later Maddock wrote that Cardinale wanted to own a prestigious European football club. He pointed out that Cardinale in interviews over the past year has spoken about how he wants to become the owner of one of the biggest football clubs in the world.
That desire now seems to be coming true, with the purchase of AC Milan.
RedBird already owns French Toulouse.
“Hardcore zombie fan. Incurable internet advocate. Subtly charming problem solver. Freelance twitter ninja.”
