The newspaper Repubblica has launched some sensational news: Milan is not owned by RedBird, but by a Dutch fund
April 25th at home Milan opens with a sensational indiscretion: the club would not be owned by Gerry Cardinale’s American RedBird fund but by a private fund based in the Netherlands. The news was launched by the edition of Republic this morning, newspaper according to which the true ownership of the club “is clearly evident from a recent public document“. RedBird and its manager Gerry Cardinale would not be the majority shareholder of Milan.
The Dutch fund appears between Milan and RedBird
The public document the newspaper talks about is the ADV module, a document designed to contain the main information on investment strategies and customers. From the form in question it emerges that “the funds managed by Cardinale have a single non-US contact personfor which RB FC Holdings CV was established ad hoc: a private fund based in the Netherlands“. Republic writes that the fund in question is actually the majority shareholder of the club”indirect” with just over 410 million euros invested.
“The classic Mister X“
The newspaper then adds a detail. The Amsterdam company he controls “in fact” Milan (ACM FootballCo Intermediate Coöperatief UA) would have not one, but two directors. The first is Robert Klein, Gerry Cardinale’s partner at RedBird Capital Partners. The second is “the classic Mister X“, which appears second Republic “under the nomenclature of Dentaleus Holding BV“. On a practical level, he explains, decisions can be made if and only if both directors agree.
The newspaper closes with a question: whether the RedBird IV fund “paid 230 million (just over 20%)“, “Who invested the most money in the Milan deal?“.
