We can say Redbird have proven themselves to be amply incapable of managing Milan thus far.
But I’m not that convinced Investcorp were what we dream of. It’s not like the choice was between a sovereign fund and Redbird.
People had to download multiple pdfs to find Mubala. The links to any real wealth were tenuous at worst and unclear at best.
Investcorp's most flashy work was with Gucci, and they were part of Gucci's dramatic turnaround and promotion of Tom Ford--but that was in the 80's and 90's, and since then, the last 20ish years have seen them focus on unglamorous, but profitable businesses, like pharmaceuticals, parking management companies, meat production, and truck parts distributors. Yes, they own Corneliani, but my only
hunch is that they wanted to leverage their stake of United Talent Agency to maximize Milan--but they sold that stake UTA in 2022, so perhaps they gave up on whatever plan they had? But that's just conjecture.
I have no idea how Investcorp would have done with Milan, they don't really have experience in sport--and their investments have been much more centered in securities and other financial services, among other non-flashy industries. Would they have kept Maldini? Would they have had the success that Redbird had with San Donato as a leverage point for a stadium? Or would they have leveraged their knowledge of Italian business culture (they invest in Italian companies like CloudCare) to maximize Milan's interests?
I also don't think money is the problem with Milan, the revenues generated by Milan are there--Redbird chose to put San Donato on Milan's books when that wasn't necessary for FFP reasons. I believe they did the same with Futuro costs, but I may be mistaken.
Investcorp being Middle Eastern spells out extravagence to most fans, and Investcorp are not some vehicle for a mysterious Sheikh to make Milan its plaything--even if I daydream about Berlusconi selling Milan to Qatar all those years ago--but I don't think Investcorp would operate that differently to Elliott, though. Maybe they would be even worse than Redbird? Maybe they would be worse at the stadium than Redbird, who I still think have done a good job, as I think a stadium in San Siro might have been their real goal, or that San Donato and San Siro both had plusses and minuses that made them to find both acceptable.
Redbird are operating like subcontractors who are tasked with maximizing an asset, and they thought they could cut-corners and now it has bitten them in the ass.
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