According to La Gazzetta dello Sport, Newcastle owners PIF were prepared to become minority shareholders at the Stadio Meazza, as evidenced by documents uncovered during a Milan probe.
The Italian Financial Police raided Milan’s headquarters on Tuesday because, according to the Prosecutor, Elliott Management continues to hold influence over the team even after it was acquired from RedBird by Gerry Cardinale in the summer of 2022.
A document that surfaced during the probe, according to La Gazzetta dello Sport, shows that PIF was prepared to take Elliott’s position and become Milan’s minority shareholder.
Il Sole 24 Ore’s claim from last week is supported by a document titled “Ac Milan Investor Presentation,” which states that PIF was intended to acquire 41.7% of Milan’s shares by repurchasing 80% of a $487.5 million vendor loan.
When RedBird acquired Milan in 2022, Elliott provided RedBird with a €550 million vendor loan. With a 7% interest rate, it was refundable after three years. This implies that by the end of 2025, Milan owner Gerry Cardinale will have to reimburse Elliott for about €665 million, including interest.
Although PIF and Elliott’s negotiations are not covered by the probe, Gazzetta clarified that PIF’s intended shareholding would have been turned into equity, making Saudi Arabia’s national wealth fund Milan’s second stakeholder.
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