There has been a step forward in the negotiation between RedBird and Elliott Management over the sale of AC Milan, according to a report.
According to Il Sole 24 Ore (via SempreMilan.it) the Singer family managed to an important condition to be accepted for the continuation of the negotiations to occur and it seems that the American fund have agreed to it.
After the positive outcome of the due diligence and the analysis of the accounts, RedBird founder Gerry Cardinale has accepted the idea of Elliott Management staying at the club with a minority stake. Paul and Gordon Singer will therefore retain a decision-making capacity albeit as a subordinate to Cardinale.
Furthermore, continuity in the management would be ensured by Paolo Scaroni – the club president – and Giorgio Furlani who is a portfolio manager for Elliott and is on the Milan board. Paolo Maldini and Ricky Massara who will continue to operate as directors
Both Legance and the New York law firm Gibson Dunn will look after the interests of RedBird in these negotiations while for Elliott it is 5Lex, Devis Polk and Wardwell who are operating on their behalf.