""If the deed is finalised by the 10th, what does having San Siro mean in terms of a possible sale? Elliott, with or without the stadium, is interested and makes no difference," he said (via PianetaMilan). "Cardinale's debt, around €500m, remains. Cardinale must pay it to them, stadium or no stadium. Elliott have already sold Milan with a vendor loan. The stadium issue is more about Cardinale."
""When Cardinale finds the money to pay off Elliott, Cardinale will either sell and could get €1.5bn with the stadium, or he could bring in other shareholders, perhaps even majority shareholders like the Steinbrenners. They too would have more incentive to invest in the new stadium. Cardinale could find partners or sell and then pay off Elliott. The stadium is important either for a sale or for the entry of new investors to help Cardinale.""
Milan City Council approved the sale of the current San Siro area to Milan and Inter to enable construction of a new stadium adjacent to the existing structure, which will be partly demolished. Architects Norman Foster's studio and Manica were selected to design the new stadium. RedBird Capital ownership prospects were discussed in light of the redevelopment. Elliott's position remains unchanged whether a new stadium is built; the pivotal factor is Cardinale's approximately €500m debt to Elliott. Cardinale could repay, sell for higher value with the stadium, or bring in new investors to share ownership and fund the project.
Read at SempreMilan
Unable to calculate read time
Collection
[
|
...
]