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Carlo Pellegatti has made the bold claim that Gerry Cardinale is in the process of drastically changing AC Milan’s ownership model.
In September, Pellegatti reported on the idea that Cardinale could consider selling a part of Milan to the Yankees Entertainment Group, essentially the Steinbrenner family. However, we received denials from sources close to Milan’s ownership about the possibility.
Milan and the New York Yankees – the biggest Major League Baseball franchise – have already got a partnership going. There has been some joint merchandise produced, while the Yankees Entertainment and Sports network (YES) have shown Rossoneri content on their channels.
In a recent interview with The Varsity podcast, Cardinale spoke about his vision for Milan moving forward, including the plan to raise revenues through TV rights deals and a new stadium.
Changes by December?
In a video on his YouTube channel, Pellegatti once addressed Milan’s situation at a corporate level, and he made some rather bold claims regarding what might happen. MilanNews relayed his words.
“We were left with the conversation with Adriano Galliani, who would join AC Milan only when the Elliott fund is eventually liquidated. So for now, he’s on hold. And we told you about these negotiations between the Steinbrenners, owners of an iconic brand like the Yankees, and AC Milan. For this new sports Newco worth $7bn.
“Cardinale is working toward this goal. The news is that Cardinale would like to close this deal by December. He would therefore sell his majority stake in Milan, forming this new New Company. But be careful: I never said Cardinale wanted to sell Milan.
“Gerry Cardinale is working toward this New Company; it would become a global company, encompassing the Yankees brand and Milan, one of the biggest clubs in world football. With Milan’s structure, the football structure, still managed by Cardinale.
“The new development is that there would then be a capital increase of around €1.5 billion, €2 billion. Part of it would go to the Steinbrenners. The portion reserved for Milan would be used to liquidate the Elliott fund, but the other portion would go towards the foundations of the new stadium.
“So, a very clear project, with Adriano Galliani as vice president, the football head of this project, with a board made up of RedBird members, Americans, probably American figures, but with a board and an Italian CEO. And they mentioned to me that it’s a board I’d be enthusiastic about, so it’s very important.
“Another figure would become important at Milan: Massimo Calvelli. A 51-year-old former tennis player, who has been CEO of the professional tennis players’ association since 2020 and has since stepped down, he is one of the most important executives in international sports.
“Cardinale has identified Calvelli as the ideal figure to represent him in Italy, especially in a future corporate structure.”
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