Chinese Consortium

necromancer

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Sticking this. Will mull over name change when we move it to the staff forum.
 

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grow dragons, grow
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"State Development & Investment Corporation (SDIC) (国家开发投资公司) is the largest state-owned investment holding company in China. It was established on 5 May 1995, and by the end of 2008, it had a workforce of more than 60,000 employees with registered capital of US$2.4 billion, total assets of US$25.7 billion and shareholders' equity of US$8.3 billion. In 2008, its operation revenue reached US$6.2 billion, its total volume of import and export exceeded US$1.2 billion and its total profit hit US$730 million. SDIC is playing an increasingly important role in the development of national economy and the restructuring of the state sector of the economy."
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SDIC is a sovereign wealth fund. What this means is that the Chinese government wants to make Milan the face of the sport in China.

The rumors of our new owners being much bigger and more badass than Inter are 100% true.
 

General

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Remains to be proven though.

I would bet that they want to take Milan to the CL and turn it for a profit.

This isn't a longer than 5 year investment for them.

Of course, I could be totally wrong their turn.

How long do these guys hold their investments?

That's key to what they will do with Milan
 

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How long term of an investment was the Great Wall


Maos cultural revolution was 10 years..effects lasted how long..

These are the precedents we have to consider
 

vidarth

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I would bet that they want to take Milan to the CL and turn it for a profit.

This isn't a longer than 5 year investment for them.

Of course, I could be totally wrong their turn.

How long do these guys hold their investments?

That's key to what they will do with Milan

SDIC is a fund that invests in other funds. Their portfolio and investment strategy will not be available to the public.

The fund that has bought Milan is a "Fund of funds"...ie a fund brought together by investments from SDIC and other funds.

Usually the more funds there are in the hierarchy, it is a good bet to assume that the investment will be a longer term bet.

An example:

An Angel Investor invests his own money - he will want his exit in 1-2 years.(Usually wants 200x ROI over multiple rounds)

A Venture Capital firm creates a Fund from several High Net Worth Individuals and Companies. They stay invested for 4-10 yrs. (Usually wants 20x ROI but moonshot companies usually return 100x like Facebook)

A Private Equity Fund (Like the one that has bought Milan) raises money from other Institutional Investors (Like SDIC) and the other Investment bodies that now own Milan. This sort of Investment is done with a 10+ year investment period in mind. (These guys usually take mature companies and aim for 2x or 3x ROI)

So the goal will be to bring Milan to a 2 - 2.5 Billion Valuation in 10-15 years (we're correctly at 0.75 B)

Now I've personally preferred this sort of deal to arab billionaire because the one thing that you can be sure is that these guys know how to tap into the China opportunity for $$. This is a Omnichannel Brand with several revenue streams as far as they are concerned.

They will work to correct/fix and improve all the revenue streams and hire the best guys to run the footballing side of things. Any non performers will be immediately fired (because they answer to their parent funds aka LPs like SDIC who will be monitoring the investment).

What I've found interesting is that Sovereign Wealth Funds usually invest in companies which they see as being part of a larger strategic goal for the State. This could be something like making China win the Fifa world cup by 2030.

The Chinese have the best infrastructure in place for athletes. Thats why they win so many medals at the Olympics.

What I'm trying to get at is that while profits are important, the true value of this Investment may be realized on how much of a role AC Milan plays in making football popular in China.

They will make their exit when they feel that Milan has played its part.

This is a lot of speculation, but this is how larger funds like these actually make strategic investments.

The rumor that Xi Jinping was in on the deal is not so far fetched after all.

One thing for sure...once this goes through in November....Inter will be our bitches like they always have been.
 

necromancer

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Yes that sounds true enough considering what we know about SDIC. You can't apply the parameters of a PE fund to a group backed by the state and the state's agenda.
 

General

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SDIC is a fund that invests in other funds. Their portfolio and investment strategy will not be available to the public.

The fund that has bought Milan is a "Fund of funds"...ie a fund brought together by investments from SDIC and other funds.

Usually the more funds there are in the hierarchy, it is a good bet to assume that the investment will be a longer term bet.

An example:

An Angel Investor invests his own money - he will want his exit in 1-2 years.(Usually wants 200x ROI over multiple rounds)

A Venture Capital firm creates a Fund from several High Net Worth Individuals and Companies. They stay invested for 4-10 yrs. (Usually wants 20x ROI but moonshot companies usually return 100x like Facebook)

A Private Equity Fund (Like the one that has bought Milan) raises money from other Institutional Investors (Like SDIC) and the other Investment bodies that now own Milan. This sort of Investment is done with a 10+ year investment period in mind. (These guys usually take mature companies and aim for 2x or 3x ROI)

So the goal will be to bring Milan to a 2 - 2.5 Billion Valuation in 10-15 years (we're correctly at 0.75 B)

Now I've personally preferred this sort of deal to arab billionaire because the one thing that you can be sure is that these guys know how to tap into the China opportunity for $$. This is a Omnichannel Brand with several revenue streams as far as they are concerned.

They will work to correct/fix and improve all the revenue streams and hire the best guys to run the footballing side of things. Any non performers will be immediately fired (because they answer to their parent funds aka LPs like SDIC who will be monitoring the investment).

What I've found interesting is that Sovereign Wealth Funds usually invest in companies which they see as being part of a larger strategic goal for the State. This could be something like making China win the Fifa world cup by 2030.

The Chinese have the best infrastructure in place for athletes. Thats why they win so many medals at the Olympics.

What I'm trying to get at is that while profits are important, the true value of this Investment may be realized on how much of a role AC Milan plays in making football popular in China.

They will make their exit when they feel that Milan has played its part.

This is a lot of speculation, but this is how larger funds like these actually make strategic investments.

The rumor that Xi Jinping was in on the deal is not so far fetched after all.

One thing for sure...once this goes through in November....Inter will be our bitches like they always have been.

I've dealt with more private equity and venture capitalists vs (funds of funds) and specific to who/how they value companies, it isn't tying to what you're saying.

"While profits are important, the true value is the role of ac Milan making football popular in China."

^This is confusing to me. Are you saying that there is a direct value of AC Milan that's intangible or that this fund is going to close their market to those who are invested in Chinese football? That's not how it works.


It's all about growth of revenues and leveraging fixed costs to drive up earnings ratios to turn a multiple in 3-5 years. That's it. AC Milan helping drive growth in other markets and claiming that in their value? Enronesque at best...


Unless, there is a emotional tie to someone wanting to have some fun owning a football club, the Chinese are here to drive earnings that are material to AC Milan and turn a profit. Simple.
 

General

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Yes that sounds true enough considering what we know about SDIC. You can't apply the parameters of a PE fund to a group backed by the state and the state's agenda.

Sure you can...Unless there's some Mickey Mouse bullshit happening with the financials
 

vidarth

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I've dealt with more private equity and venture capitalists vs (funds of funds) and specific to who/how they value companies, it isn't tying to what you're saying.

"While profits are important, the true value is the role of ac Milan making football popular in China."

^This is confusing to me. Are you saying that there is a direct value of AC Milan that's intangible or that this fund is going to close their market to those who are invested in Chinese football? That's not how it works.


It's all about growth of revenues and leveraging fixed costs to drive up earnings ratios to turn a multiple in 3-5 years. That's it. AC Milan helping drive growth in other markets and claiming that in their value? Enronesque at best...


Unless, there is a emotional tie to someone wanting to have some fun owning a football club, the Chinese are here to drive earnings that are material to AC Milan and turn a profit. Simple.

Im not sure any PE fund can return anything in 5 yrs...simply because their investments are that big.

So what you'll see is PE funds usually go for longer investment periods with more moderate returns in mind. 2x 3x

Now the question is when to exit - this is where the funds LP mix and the longer term vision for setting up the fund comes into play.

If people want to make quick money in 5 yrs AC Milan is a terrible investment. Even if we win the CL in 5 yrs our value will not go up by much. Even if we get to 1 Billion that is less than a 33% increase.

There are much better ways to get those sorts of returns.

While we can't speculate about exactly these guys plan to do...i think it is safe to bet that this is not a 5 yr investment.

No one can get decent returns on a nearly 1 Billion investment in 5 yrs. Making a quick 300 million profit doesn't seem like anything to a state owned fund.

I've raised Venture Capital from Indian Investors and A lot of Chinese and Japanese funds give our investors exits at a later stage.

I would be very very surprised if they sold Milan in 5 years for a small profit.
 

necromancer

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Stop speaking nonsense, General. Or take it to the WNT.
 

General

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Im not sure any PE fund can return anything in 5 yrs...simply because their investments are that big.

So what you'll see is PE funds usually go for longer investment periods with more moderate returns in mind. 2x 3x

Now the question is when to exit - this is where the funds LP mix and the longer term vision for setting up the fund comes into play.

If people want to make quick money in 5 yrs AC Milan is a terrible investment. Even if we win the CL in 5 yrs our value will not go up by much. Even if we get to 1 Billion that is less than a 33% increase.

There are much better ways to get those sorts of returns.

While we can't speculate about exactly these guys plan to do...i think it is safe to bet that this is not a 5 yr investment.

No one can get decent returns on a nearly 1 Billion investment in 5 yrs. Making a quick 300 million profit doesn't seem like anything to a state owned fund.

I've raised Venture Capital from Indian Investors and A lot of Chinese and Japanese funds give our investors exits at a later stage.

I would be very very surprised if they sold Milan in 5 years for a small profit.

I can't argue with you if you're saying Chinese investments typically hold longer. my experience is with 4-5 year turn strategy US based PE groups .

With that said, You can definitely double your multiple in 4-5 years with key moves operationally- stadium, TV rights in new markets blah blah blah. The exponential earnings don't mean as much with a dollar amount that big.

Taking a brand like AC Milan and bringing them back to the CL while at the same time marketing them to a huge audience can easily do the trick.

What is growing on me is your idea that the state is investing into a vehicle that will drive other investments.

I still say a number closer to 5 years is more likely.

You're not thinking of leveraging costs to raise a higher earnings ratio.

Milan's expenses were probably mismanaged.. Strike that.. Definitely mismanaged.
Properly managing, they should see much more drop through earnings for incremental revenues.
 
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Nasha

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Im not sure any PE fund can return anything in 5 yrs...simply because their investments are that big.

So what you'll see is PE funds usually go for longer investment periods with more moderate returns in mind. 2x 3x

Now the question is when to exit - this is where the funds LP mix and the longer term vision for setting up the fund comes into play.

If people want to make quick money in 5 yrs AC Milan is a terrible investment. Even if we win the CL in 5 yrs our value will not go up by much. Even if we get to 1 Billion that is less than a 33% increase.

There are much better ways to get those sorts of returns.

While we can't speculate about exactly these guys plan to do...i think it is safe to bet that this is not a 5 yr investment.

No one can get decent returns on a nearly 1 Billion investment in 5 yrs. Making a quick 300 million profit doesn't seem like anything to a state owned fund.

I've raised Venture Capital from Indian Investors and A lot of Chinese and Japanese funds give our investors exits at a later stage.

I would be very very surprised if they sold Milan in 5 years for a small profit.

Its possible that some investors may cash out/exit after 5-10 years and sell to other investors/funds. However, I dont imagine SDIC doing that... at least for the next 15 years. They are in this for the long-haul.

IMO, a club is deemed to run more efficiently when multiple eyes are on the management... not just from one owner but from several shareholders.

Does it make sense to say that the club was purchased by several PE funds who lumped their money together? Or those PE funds acted as LPs and gave their money to a GP which bought it outlining the ownership of each LP?

It appears that its the former model which is more common in complex arrangements.

Nevertheless, either case we are kicking inefficiencies (aka Galliani) out.
 

bacon d'or

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Sino Europe for 'new Milan president'
By Football Italia staff

Milan's new owners, Sino Europe, promise a new president for the club: 'But Silvio Berlusconi will remain in a honorary position'.

The reshuffling of the Rossoneri's higher echelons has already begun, with Marco Fassone expected to be confirmed shortly as the new director general.

“After the completion of the acquisition, we will announce a board of directors and elect a new President,” the new owners told China Economic. “Mr. Silvio Berlusconi will serve as an honorary president of the club.

“Other investors will join our fund and will be revealed upon the closing of the deal.

“We chose Milan for their glorious history, which allows China to develop football both culturally and as a business.

“It’s the first time that [government-backed] Chinese capital buys a top club in world football. Sino Europe enjoyed great help from the government of Changxing for the acquisition of Milan and we'd like to extend our special thanks to the finance office, which allowed for all of this.”
 

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Can someone explain what Changxing is? I read their wiki but ... how is the Chinese county/oblast/state system?
 

necromancer

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Can someone explain what Changxing is? I read their wiki but ... how is the Chinese county/oblast/state system?
Went through these exact feelings today. Still have no clue what Changxing government is. Final conclusion was that it may have been Chongqing which is a much larger metro.

But I doubt that it's that easy. We need someone who knows this to explain why Changxing government is significant and rich.
 

MilanMB

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SDIC is a fund that invests in other funds. Their portfolio and investment strategy will not be available to the public.

The fund that has bought Milan is a "Fund of funds"...ie a fund brought together by investments from SDIC and other funds.

Usually the more funds there are in the hierarchy, it is a good bet to assume that the investment will be a longer term bet.

An example:

An Angel Investor invests his own money - he will want his exit in 1-2 years.(Usually wants 200x ROI over multiple rounds)

A Venture Capital firm creates a Fund from several High Net Worth Individuals and Companies. They stay invested for 4-10 yrs. (Usually wants 20x ROI but moonshot companies usually return 100x like Facebook)

A Private Equity Fund (Like the one that has bought Milan) raises money from other Institutional Investors (Like SDIC) and the other Investment bodies that now own Milan. This sort of Investment is done with a 10+ year investment period in mind. (These guys usually take mature companies and aim for 2x or 3x ROI)

So the goal will be to bring Milan to a 2 - 2.5 Billion Valuation in 10-15 years (we're correctly at 0.75 B)

Now I've personally preferred this sort of deal to arab billionaire because the one thing that you can be sure is that these guys know how to tap into the China opportunity for $$. This is a Omnichannel Brand with several revenue streams as far as they are concerned.

They will work to correct/fix and improve all the revenue streams and hire the best guys to run the footballing side of things. Any non performers will be immediately fired (because they answer to their parent funds aka LPs like SDIC who will be monitoring the investment).

What I've found interesting is that Sovereign Wealth Funds usually invest in companies which they see as being part of a larger strategic goal for the State. This could be something like making China win the Fifa world cup by 2030.

The Chinese have the best infrastructure in place for athletes. Thats why they win so many medals at the Olympics.

What I'm trying to get at is that while profits are important, the true value of this Investment may be realized on how much of a role AC Milan plays in making football popular in China.

They will make their exit when they feel that Milan has played its part.

This is a lot of speculation, but this is how larger funds like these actually make strategic investments.

The rumor that Xi Jinping was in on the deal is not so far fetched after all.

One thing for sure...once this goes through in November....Inter will be our bitches like they always have been.

Im not sure any PE fund can return anything in 5 yrs...simply because their investments are that big.

So what you'll see is PE funds usually go for longer investment periods with more moderate returns in mind. 2x 3x

Now the question is when to exit - this is where the funds LP mix and the longer term vision for setting up the fund comes into play.

If people want to make quick money in 5 yrs AC Milan is a terrible investment. Even if we win the CL in 5 yrs our value will not go up by much. Even if we get to 1 Billion that is less than a 33% increase.

There are much better ways to get those sorts of returns.

While we can't speculate about exactly these guys plan to do...i think it is safe to bet that this is not a 5 yr investment.

No one can get decent returns on a nearly 1 Billion investment in 5 yrs. Making a quick 300 million profit doesn't seem like anything to a state owned fund.

I've raised Venture Capital from Indian Investors and A lot of Chinese and Japanese funds give our investors exits at a later stage.

I would be very very surprised if they sold Milan in 5 years for a small profit.

Thanks for informative posts. :thumbsup:

I know very little about stuff like this. Your posts calm my nerves about the new owners, as I'm very worried about their purpose with buying the club.

-

You know Milan was used (very successfully) by Berlusconi to promote his brand. I'm thinking the Chinese want to do the same with their brands. That won't happen with an half-assed short term investment.
 

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this changxing is a mystery to me. i am from china, but never heard of it which worried me a lot.
 

necromancer

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this changxing is a mystery to me. i am from china, but never heard of it which worried me a lot.
Isn't it a place in Zhejiang province? In that case, why is the government of that place an entity large enough and powerful enough to create investment funds like this?
 

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5 pages thread, little to no info about this deal.

99% tohir bull shit, we will still be poor as fuck when this deal finally closes.
 
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Suso and Niang played well considering our main striker is technically enept .
Gomez and Roma combined well with Gomez playing nervous to begin with but looked more comfortable as the game progressed. Gomez tried to influence the game in the 2nd half with his forward runs which shows a bit of leadership . Considering the money been currently offered for CB's i think we have a bargin here.
Nothing more to add regarding Monty thats already been said
Bona tries to do too much and that part of his game needs to be reigned in, the turnovers are costing our momentum.
Calabria gave us some spark when he came on , i feel that he is better value for us than Abate and Anton.
Lap although with limited game time and with 9 players on the field gave more than our techically enept striker.

Napoli are a bunch of soft cocks , staging and diving soon as the players touch them , the refs will wake up eventually during the year.

My starting 11 for next game should be

Domma

Des gomez Roma Calabria
Sosa Mauri Bona
Honda Lap Suso


Sent from my SM-T805Y using Tapatalk
 

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However, a visit by Gazzetta to the consortium’s offices makes for ominous reading.

The journalists visited Changxing, where the company is registered to Tai Hu Capital Plaza, described as a building with “noisy and spacious offices”.

However, on the 15th floor where the Sino-Europe office lies, the door was closed and no-one answered the intercom.

Some proper Ponzi scheme this takeover is. Watch them liquidate the club when they realise there's no way they're going to make a profit on an Italian club that doesn't have its own stadium.

People desperate to see the club sold because they think Milan will be better off with anyone except Berlusconi are insane. Consecutive mid-table finishes could end up being far from the worst thing that has happened to this club.

It's not hundreds of millions that we need to become competitive again. I genuinely hope Silvio pulls the plug on this and either keeps the club, or sells a stake to some Italian investors. (Or some half-credible foreign ones, at least.)
 

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David Gentili, head of Milan’s anti-Mafia commission has raised concerns, given the contract to rent San Siro from the council.

Now the incoming owners have released a statement pointing out that they are under no obligation to release shareholding ahead of time.

[...]

Meanwhile, Corriere della Sera is reporting that Sino-Europe may not get permission from the Chinese government to move €420m abroad in time to meet the deadlines.

To that end, a ‘Plan B’ is being drawn up, which would involve loans from European banks.
However, the identity of the investors is still unclear, and that appears to be the case even in China.

“I even asked some local directors,” Lippi told Corriere dello Sport, having taken over as Coach of the Chinese national team.

“No-one was able to give me an answer. There’s not a clear picture of the situation, even from here. However, from what I’ve read it seems we’re at the end now.”

Is no-one following this absolute sham of a takeover?
 

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some news from this morning:

1- authorization for transfer of funds has arrived 1.5 hrs ago
2- SES press conference set for 13 Dec @ 1pm
3- names at press conference: Fassone, Mirabelli, Yonghong Li (president), Han Li
4- SES are happy with names proposed for Jan mercato and will meet with Montella to discuss them after the closing
5- names in consortium so far: Yonghong Li (+ Han Li), China Construction Bank, Haixia Capital & TCL
6- Wang Hongzhang, chairman of China Construction Bank, was one of the main protagonists of the deal behind the scenes. He will also be the one providing the most capital to SES for the Milan deal.
 
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Berlusconi agrees to 3-month delay for sale of AC Milan

A joint statement from Fininvest and Sino-Europe Sports says the parties have agreed to complete the closing by March 3.
 

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Berlusconi agrees to 3-month delay for sale of AC Milan

A joint statement from Fininvest and Sino-Europe Sports says the parties have agreed to complete the closing by March 3.

:lol::lol::lol::lol::lol::lol::lol::lol::lol::lol::lol::lol:
 

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Milan CEO Adriano Galliani reportedly has different ideas to the incoming Chinese owners about the January transfer window.

[...]

However, while the current CEO wants to focus on young Italians, the Chinese want more prestigious targets like Cesc Fabregas of Chelsea.

More proof that these guys are clueless. They want to take us back to the years of signing washed up stars like Ronaldinho and Beckham in order to sell shirts and win fuck all.

Is there really unanimous agreement on this forum that the takeover is a good thing?

I reiterate, it's not a huge transfer kitty that we need. Just look at Inter and Man United and then look at Dortmund and Atletico. Good management is what brings results.

We need to reform the inner workings of the club, not throw the baby out with the bathwater, so to speak.
 
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