The owner of AC Milan disputes rumors that it is seeking new investors

Italian newspaper La Repubblica said that U.S. investment firm RedBird Capital wanted to sell a piece of AC Milan, the Italian soccer club it has owned since 2022. On Friday, RedBird Capital denied the story.

“What La Repubblica said about selling a piece of AC Milan is not true at all.” “It is not true at all,” a RedBird spokesman said.

Elliott, a U.S. fund, sold the club to RedBird for 1.2 billion euros ($1.32 billion).

La Repubblica said that it was partly paid for by a $560 million vendor loan from Elliott that is due next year and RedBird’s own investment of $681 million.

The newspaper also said that RedBird was planning to “rebalance its portfolio” by selling “up to 150 million euros of the initial invested capital of 681 million euros” at base cost.

It pointed to a document for possible new investors that was made by the U.S. investment firm Washington Harbor for RedBird. The document “has been going around in international financial circles since May,” it said.

A representative for RedBird told Reuters earlier that Gerry Cardinale, the fund’s founder and managing partner, “does not know Washington Harbor and the document cited by the newspaper is not attributable to him.” This was not a full denial, but it was a statement that did not back up the claim either.

Reuters asked Washington Harbor for a response on the news story, but they didn’t respond.

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