According to the Equipe, the Singer fund has 5 out of 9 board members, could lend to Cardinal between 200 and 550 million (rate of 7-8%) and would guarantee coverage for losses of up to 100 million. And the lights on possible links with Lilac come back on
At first glance, Milan have changed owners, but the transfer process is still ongoing. So this morning’s team reconstructs the structure that should be approved, or not, by a notary in charge. The corporate reorganization, however, reveals how in the end Elliott could remain very present in Milan, with a potential control of 75% of the sale price to RedBird, for 1.228 billion euros. A maneuver that, according to the sports daily, is also linked to Lille, on which UEFA is investigating to detect any links with Elliott.
According to the Equipe, Elliott would still like to keep in the capital of Milan with a stake between 30 and 49%. And he would also lend money to RedBird who would not have enough liquidity to carry out the operation. In the meantime, the new US fund is moving to obtain new loans, bringing the Toulouse, just promoted to Ligue 1, as collateral, and of which he already owns. However, Elliott could lend to RedBird between 200 and 550 million euros at a rate between 7 and 8%. And that’s not all: Elliott would guarantee RedBird coverage of losses of up to 100 million euros, at 3%, for a period of three years.
Also according to the French sports newspaper which had anticipated the sale of Milan in May, Elliott would remain on the Milan board of directors, choosing the president, but also general manager of the club and two or three administrators. In all, therefore, up to five appointments out of nine members. According to Equipe, the financial assembly envisages the creation of a cooperative company in the Netherlands, FootballCo; or the use of Zelus Analytics, which according to the Toulouse president was also acquired by RedBird to support the strategy of the French club in data analysis. Zelus is based in Deleware, like Elliott. Elliott could therefore effectively keep up to 75% of the selling price between loans, equity investments, and collateral for various hedges. Enough to raise the question of the real ownership of Milan. The same that still exists in Lille, where UEFA is investigating to shed light on the real influence and presence of Elliott, creditor of the French club. If there was a convergence between the two clubs, Milan and Lille obviously could not compete in the same European competitions.
June 17 – 11:47 am
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