"Cardinale has been absent - or at the very least not publicly spotted - from Italy for months now. The last match that the Milan owner attended at San Siro was in September 2024, a 4-0 win over Venezia. Later in the year he would be at the Santiago Bernabeu for the win over Real Madrid. Since then, anonymity, barring the occasional speech at an event."
"In April 2025, there was talk of Cardinale meeting with the management at Milanello. While it is obvious that he will remain in contact with those at Milan throughout the year, it is another thing to be on the ground seeing things for himself. A usually-absent owner showing up at the training complex is normally the sign of a time of crisis, but in this sense there seems to be something a bit more positive behind Cardinale's visit."
"In case you haven't been keeping up to date with things, it all revolves around the vendor loan that RedBird Capital Partners took out with Elliott Management when they bought the club from the fund after the Scudetto-winning season. Cardinale purchased Milan in the summer of 2022, giving the club an enterprise value of €1.2bn. The equity value was €1.15bn: €600m was paid by RedBird to the Singer fund, while €550m was loaned (with the corresponding interest rate) by the seller to Cardinale."
Cardinale returned to Milanello after months away, having last attended matches in September 2024 and at the Santiago Bernabeu later that year. The owner’s on-site presence drew attention because usually-absent owners visit during crises, yet the visit coincided with improved team form. There are potential changes at ownership and board level tied to a vendor loan. RedBird Capital Partners bought the club in summer 2022 with an enterprise value of €1.2bn and an equity value of €1.15bn. RedBird paid €600m to Singer and a €550m seller loan was provided to Cardinale, carrying interest and a repayment deadline.
Read at SempreMilan
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