"We were left with the conversation with Adriano Galliani, who would join AC Milan only when the Elliott fund is eventually liquidated. So for now, he's on hold. And we told you about these negotiations between the Steinbrenners, owners of an iconic brand like the Yankees, and AC Milan. For this new sports Newco worth $7bn. Cardinale is working toward this goal. The news is that Cardinale would like to close this deal by December."
"He would therefore sell his majority stake in Milan, forming this new New Company. But be careful: I never said Cardinale wanted to sell Milan. Gerry Cardinale is working toward this New Company; it would become a global company, encompassing the Yankees brand and Milan, one of the biggest clubs in world football. With Milan's structure, the football structure, still managed by Cardinale."
Claims indicate Gerry Cardinale is pursuing a drastic change to AC Milan's ownership model that could involve selling part of the club to the Yankees Entertainment Group (the Steinbrenner family). Sources close to Milan's ownership have denied that such a sale is underway. Milan and the New York Yankees already cooperate on merchandise and have shared content via YES. Cardinale envisions revenue growth from TV rights deals and a new stadium. Reports mention possible negotiations with Adriano Galliani contingent on the liquidation of the Elliott fund. Plans reportedly target formation of a $7bn sports NewCo, a December close, and a capital increase around €1.
Read at SempreMilan
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