QS: ‘The most absent owner in Milan’s history’ – Cardinale not expected to attend derby

AC Milan’s owner Gerry Cardinale will not be present at San Siro for the derby between Inter and AC Milan on Sunday, but that perhaps isn’t a shock.

As Quotidiano Sportivo report, by his own admission Cardinale aspires to be a Berlusconi 2.0, waiting to see the first brick of the new San Siro put in place to increase revenues and invest more on the sporting side. Yet, Cardinale – the founder of RedBird Capital – is probably the most absent owner in Milan’s history to date.

The American has been missing for over a year: the last time he attended a Rossoneri match was on 5 November 2024, at the Santiago Bernabeu for the game against Real Madrid in the Champions League, while he hasn’t been seen near Milanello since August 26 of last year.

Barring any sensational (unannounced) last-minute flights, Cardinale won’t be in the stands for Sunday’s derby either, but his absence is now making less noise. The strategy is now clear: everything is under the control of CEO Giorgio Furlani, with Zlatan Ibrahimovic keeping more of a low profile too.

Image: AC Milan

Expected absence

Cardinale’s statements are increasingly rare and are often made back in the USA. In Italy, there has never been a proper press conference with the opportunity to ask questions, even the most uncomfortable ones.

Everyone is well aware of the complex situation: at the time of the transfer of ownership (in August 2022), RedBird borrowed money from the seller (Elliott Management) to complete the €1.2bn acquisition and are still exposed for €489m in principal, after repaying €170m and extending the maturity to July 2028.

It’s clear that in this situation, RedBird cannot escape the watchful eye of the lender who – as collateral for the exposure – hold a pledge on AC Milan shares.

Cardinale revealed a few weeks ago on the American podcast The Varsity: “Taking over Milan is probably the hardest thing I’ve ever done. It’s a challenge because the ecosystem I operate in is very resistant to change. But that’s also the investment thesis.

“In three years of owning AC Milan, we’ve been cash flow positive for the first time in 17 years. And I’m not keeping that money for myself; I’m reinvesting it in the team. We spent more than any other Serie A team in the last summer transfer window.

“We’re building a new stadium. Not to pocket money, but to transform AC Milan’s financial profile and bring it to the level of Premier League teams.”

Marketing and branding are welcome (much less the idea of ​​moving the February match against Como to Australia, purely for business reasons), but tradition and sporting success are what fans care about most.

It will never be too late to see Cardinale adapt to the dreams and passion of those who truly hold Milan dear.