AC Milan owner says Serie A should steer clear of outside investment

Gerry Cardinale, founder of RedBird Capital, was asked about reports of banks and investment funds interested in buying a stake in the Serie A media rights operation.
Italy’s Serie A league should avoid trying to sell some of its businesses to outside investors in exchange for a short-term cash injection, the owner of champions AC Milan said on Thursday.

When asked about reports indicating banks and investment funds’ interest in buying a stake in the Serie A media rights operation, Gerry Cardinale, the founder of RedBird Capital, responded.

“I don’t buy it, I don’t support it,” he told the Financial Times Business Football Summit.

“Are you mortgaging your future?” – said former Goldman Sachs banker. “We can be independent.”

Serie A’s top media outlets have attracted the interest of several banks and investment funds, and the clubs will meet later this month to consider their next steps.

The German Bundesliga is also pursuing a similar strategy as continental clubs look for ways to close the revenue gap in the English Premier League.

RedBird bought Italian champions AC Milan last August in a €1.2 billion deal that also included the owners of the New York Yankees baseball team.