Pellegatti explains how stadium project could change Milan’s ownership situation

Journalist Carlo Pellegatti believes that the stadium project could facilitate a change in the ownership situation at AC Milan.

A few weeks ago the Milan City Council voted to green light the sale of the current San Siro and surrounding area to Milan and Inter, who then want to build a new home next to the existing structure, which will be partly demolished.

In a recent feature, we answered the 10 key questions about the stadium project, including the costs, timing and how the area around it will look. The clubs have even chosen the architects to design the new San Siro: Norman Foster’s studio and Manica.

Pellegatti spoke in a video on his YouTube channel about the future of Milan under RedBird Capital and what having a new stadium could mean moving forward.

“If the deed is finalised by the 10th, what does having San Siro mean in terms of a possible sale? Elliott, with or without the stadium, is interested and makes no difference,” he said (via PianetaMilan).

“Cardinale’s debt, around €500m, remains. Cardinale must pay it to them, stadium or no stadium. Elliott have already sold Milan with a vendor loan. The stadium issue is more about Cardinale.

Photos by AC Milan

“When Cardinale finds the money to pay off Elliott, Cardinale will either sell and could get €1.5bn with the stadium, or he could bring in other shareholders, perhaps even majority shareholders like the Steinbrenners.

“They too would have more incentive to invest in the new stadium. Cardinale could find partners or sell and then pay off Elliott. The stadium is important either for a sale or for the entry of new investors to help Cardinale. He could, however, remain as the owner to take care of Milan’s operations.

“This is the plan I envision for the coming years. The problem remains the debt that Cardinale must repay to Elliott. This is the true crux of AC Milan’s future.”