Milan Owner Working to Stay in Charge a While Longer

Gerry Cardinale plans to keep ahold of Milan for the foreseeable future and is working to refinance the debt accumulated with Elliott. He took over the club from the American fund through a vendor loan that has to be paid through a bullet payment. The post Milan Owner Working to Stay in Charge a While Longer appeared first on The Cult of Calcio.

KendallJenner

Dec 10, 2024 - 06:46

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Milan Owner Working to Stay in Charge a While Longer

Gerry Cardinale plans to keep ahold of Milan for the foreseeable future and is working to refinance the debt accumulated with Elliott, the previous governors. He took over the club from the American fund through a vendor loan that has to be paid through a bullet payment by August 2025, La Gazzetta dello Sport relayed.

The tycoon committed €1.2B to buy the team. He hasn’t changed his mind about the investment, even though the Rossoneri haven’t won a trophy since his arrival in 2022. He has to shell out €693M next summer, but the parties are working to find a way to postpone the deadline.

Cardinale is also looking for investors who could join him and contribute to settling the sum, not to acquire Milan or a large share of it. The entrepreneur was aware it’d take more than a three-year cycle to have results.

If possible, he’ll push things to 2028, having another similar time interval to decide the future. Such a matter is being discussed along with the interest rate. The intervention of another fund or different subjects can’t be ruled out.

Cardinale isn’t plotting to give up Milan and has set his sights on more trophies. The Rossoneri won their last Scudetto while the negotiation for the ownership change was ongoing. He believes in the economic potential of the team. It has recorded record revenues in the last two balance sessions. The potential new stadium is a big part of his strategy to raise the value of the outfit. Elliott would re-gain control if the debt wasn’t settled.