The Rumour Commode XXXIX: A Cardinal Sin

[Panache]

Some details regarding Investcorps’s interest in AC Milan, prior to the takeover of RedBird, surfaced earlier today and sparked a debate on social media. However, the two proposals were similar, a report claims.

Elliott Management had negotiations with both Investcorp and RedBird prior to selling the club but eventually decided to go with the American company. This morning, MFO revealed details of Investcorp’s proposal which sparked a debate on social media.

According to Il Sole 24 Ore’s financial expert Carlo Festa, despite the rumours of this morning, the two proposals were actually quite similar. Investcorp’s proposal included €400-500m cash, financing and a loan from Ares Capital.

The proposal of the Bahrain-based fund was thus similar to that of RedBird, with the difference that they didn’t want to loan from Elliott Management as Gerry Cardinale did. It’s possible that Investcorp wanted to invest more on the market, but the actual takeover proposal was similar to RedBird’s.

What a lot of us thought all along. Same amount of cash offered/similar type of deal.

Only difference is that Gerry got desperate and accepted Elliot's ridiculous terms where Investcorp basically told them to F off.

 

[Kojak]

It seems maybe Pioli is losing the plot!!

Honestly I think he has...that piss poor line up wreaks of desperation and insecurity plus he obviously doesn't trust any of the new signings so clearly there's a disconnect between him and MMM. There's also rumours that he's lost the dressing room too.

Therefore, even though I still believe we're too CHEAP to fire him, if he ends up on a perpetual losing streak (like the second half of his season at Inter), he could very well force management's hand.

Under that scenario, I wonder if RedBird would be interested in jumping ship and selling to Investcorp who in turn hire Klopp and splash 300m on a boss market

 

[brk]

Weekend of the derby, absolutely no actual news but we’re suddenly talking about Investcorp.

 

[General]

Thanks for ur advice dumbest and least interesting poster on RnB
Appreciate it

be more courteous to Mr leaf

 

[Buske]

Investcorp doesnt matter now, what matters is that redbird/cardinale is the worst owner we had..

 

[IL-Capitano]

Let’s hope Pioli sleeps on it, sees sense and plays the game v inter smart. It’s going to be a scrappy one.

He cannot play Messias in midfield.

 

[punisher]

I need to anal fuck her.

 

[Kaka92]

Imagine midfield with Krunic and Messi ass, I want to cry.

 

[Kojak]

Gasperini is an expert at developing young talent and virtually guarantees a CL finish on a shoestring budget. Therefore, he'd be my no.1 realistic pick to replace Pioli next season. Also, he's been at Atalanta forever so is probably looking for a new challenge plus his contract expires in 2024 so he's affordable. The only problem is that he plays a 3-5-2 so we'd probably have to sell Leao but Theo and Kalulu/Calabria would be given free reign to bomb down the flanks. I just hope that he brings Scalvini and Lookman with him who are already thriving under his system. We could probably get both with Leao's sale fee and a buy a new CF with the money from RedBird.

 

[AC_Wesley]

Waring factions of RnB, can we call a truce and unite ahead of what is a potentially season making/breaking period...

No hate in here for a while, what do you guys think?

It's not asking doom and gloomers to join #positivityforce, but can we calma and put some good vibes out there ahead of Merda

I'm in a good mood and full of positivity ahead of a busy weekend at work, and I'm amped as fuck!!!

Please Milan, come on, fucking let's get them, fucking Milan peasant fuckers, let's beat them blue and black and kick start 2023

Fuck Merda!!!

 

[rossonero1]

Monza, Berlusconi: "We want to win the Scudetto, next year or the one after"

I wouldn't be surpised if they spent big. More than Milan at least.

 

[AC_Wesley]

be more courteous to Mr leaf

That is Mr coconut leaf to you, sir

 

[Panache]

It seems maybe Pioli is losing the plot!!

It's ok. He's digging his own grave. Sooner or later he'll make it impossible for Maldini to justify his stay.

 

[Alo88]

Some details regarding Investcorps’s interest in AC Milan, prior to the takeover of RedBird, surfaced earlier today and sparked a debate on social media. However, the two proposals were similar, a report claims.

Elliott Management had negotiations with both Investcorp and RedBird prior to selling the club but eventually decided to go with the American company. This morning, MFO revealed details of Investcorp’s proposal which sparked a debate on social media.

According to Il Sole 24 Ore’s financial expert Carlo Festa, despite the rumours of this morning, the two proposals were actually quite similar. Investcorp’s proposal included €400-500m cash, financing and a loan from Ares Capital.

The proposal of the Bahrain-based fund was thus similar to that of RedBird, with the difference that they didn’t want to loan from Elliott Management as Gerry Cardinale did. It’s possible that Investcorp wanted to invest more on the market, but the actual takeover proposal was similar to RedBird’s.

"It’s possible that Investcorp wanted to invest more on the market, but the actual takeover proposal was similar to RedBird’s."

Or how about: It's possible that Investcorp wanted to build a football academy on the moon, but the actual takeover proposal was similar to RedBird’s?

In other words: It's easy to write story around assumptions. Truth is tho we learned absolutely nothing new today

What a lot of us thought all along. Same amount of cash offered/similar type of deal.

Only difference is that Gerry got desperate and accepted Elliot's ridiculous terms where Investcorp basically told them to F off.

Wait, what? I could understand why Investcorp wouldn't want to agree in a earn-in bonus as high as 500M. But this article suggests the offers were very similar, thus meaning they either both included (similar) earn-in bonuses or they both didn't.

Or are you telling me Investcorp would have been financially mad enough to throw 400M at a summer mercato but not shrouded enough to not match RedBird's offer + interests?

 

[Master Smurf]

Monza, Berlusconi: "We want to win the Scudetto, next year or the one after"

I wouldn't be surpised if they spent big. More than Milan at least.

DaRealPlan

 

[rossonero1]

Gasperini is an expert at developing young talent and virtually guarantees a CL finish on a shoestring budget. Therefore, he'd be my no.1 realistic pick to replace Pioli next season. Also, he's been at Atalanta forever so is probably looking for a new challenge plus his contract expires in 2024 so he's affordable. The only problem is that he plays a 3-5-2 so we'd probably have to sell Leao but Theo and Kalulu/Calabria would be given free reign to bomb down the flanks. I just hope that he brings Scalvini and Lookman with him who are already thriving under his system. We could probably get both with Leao's sale fee and a buy a new CF with the money from RedBird.

Gasperini, Conte , De Zerbi, Sarri and Spalletti are the Italian coaches worth pursuing or else you go foreign. Conte maybe the most realistic since he looks likely to leave Tottenham in the summer. People will say he's demanding as well on transfers, but I feel like he's kind of out of options at top foreign clubs. Ancelotti looks like he may be on his way out of Real this summer unless he wins another CL, but I feel he's kind of past it. Maybe time for a NT gig for him,

Realistic foreign options being Luis Enrique or Pochettino. Some will say Tuchel, but he'll probably have big suitors willing to spend. Zidane is also another coach who would go to a club willing to spend big for him & he would probably go to Juve since he played there.

I also wouldn't be shocked if they went cheap & hired an ex-player again because that's worked out so well in the past lol. I remember Shevchenko's name was brought up a few years ago as a possible option.

 

[Panache]

Wait, what? I could understand why Investcorp wouldn't want to agree in a earn-in bonus as high as 500M. But this article suggests the offers were very similar, thus meaning they either both included (similar) earn-in bonuses or they both didn't.

Or are you telling me Investcorp would have been financially mad enough to throw 400M at a summer mercato but not shrouded enough to not match RedBird's offer + interests?

Earlier some folks were claiming that Redbird "offered more money". The article clearly says the offers were similar.

Elliot decided to accept Redbird's offer because Investcorp didn't want to loan the money from Elliot. Redbird agreed to those terms.
See below.

The proposal of the Bahrain-based fund was thus similar to that of RedBird, with the difference that they didn’t want to loan from Elliott Management as Gerry Cardinale did.

This is simply Elliot being greedy and wanting to make a few hundred million more out of their investment (and maybe even repossess the club if Redbird default on the loan).

 

[Omer]

"It’s possible that Investcorp wanted to invest more on the market, but the actual takeover proposal was similar to RedBird’s."

Or how about: It's possible that Investcorp wanted to build a football academy on the moon, but the actual takeover proposal was similar to RedBird’s?

In other words: It's easy to write story around assumptions. Truth is tho we learned absolutely nothing new today



Wait, what? I could understand why Investcorp wouldn't want to agree in a earn-in bonus as high as 500M. But this article suggests the offers were very similar, thus meaning they either both included (similar) earn-in bonuses or they both didn't.

Or are you telling me Investcorp would have been financially mad enough to throw 400M at a summer mercato but not shrouded enough to not match RedBird's offer + interests?

We don't know about Investcorp, what exactly they would do. It probably wouldn't be 400 mil in just one year.

We have Redshit and we know what they are doing. And it it's shit! You don't have to be a super generous owner to be better than Redturd!

Just the way the contract extensions of MM went on till the last day was a fiasco and didn't make the club look good at all.

 

[Kojak]

Gasperini, Conte & De Zerbi are the only Italian coaches worth pursuing or else you go foreign. Realistic options being Luis Enrique or Pochettino.

Some will say Tuchel, but he'll probably have big suitors willing to spend. Zidane is also another coach who would go to a club willing to spend big for him & he would probably go to Juve since he played there.

I also wouldn't be shocked if they went cheap & hired an ex-player again because that's worked out so well in the past lol. I remember Shevchenko's name was brought up a few years ago as a possible option.

De Zerbi is a good shout but Conte doesn't seem like a realistic choice given his salary and transfer demands. However, Gasperini fits our youth project like a glove plus he's much more affordable. Also, I can imagine talented players on the fringe like Adli + CDK would probably explode under him just like countless other youngsters in the past. He has to be near the top of MMM's list of realistic, affordable Pioli replacements.

 

[Pigeon]

Some details regarding Investcorps’s interest in AC Milan, prior to the takeover of RedBird, surfaced earlier today and sparked a debate on social media. However, the two proposals were similar, a report claims.

Elliott Management had negotiations with both Investcorp and RedBird prior to selling the club but eventually decided to go with the American company. This morning, MFO revealed details of Investcorp’s proposal which sparked a debate on social media.

According to Il Sole 24 Ore’s financial expert Carlo Festa, despite the rumours of this morning, the two proposals were actually quite similar. Investcorp’s proposal included €400-500m cash, financing and a loan from Ares Capital.

The proposal of the Bahrain-based fund was thus similar to that of RedBird, with the difference that they didn’t want to loan from Elliott Management as Gerry Cardinale did. It’s possible that Investcorp wanted to invest more on the market, but the actual takeover proposal was similar to RedBird’s.

fuck gerry’s broke ass for offering this deal.

 

[rossonero1]

De Zerbi is a good shout but Conte doesn't seem like a realistic choice given his salary and transfer demands. However, Gasperini fits our youth project like a glove plus he's much more affordable. Also, I can imagine talented players on the fringe like Adli + CDK would probably explode under him just like countless other youngsters in the past. He has to be near the top of MMM's list of realistic, affordable Pioli replacements.

I say Conte as most realistic because everyone else I listed is still under contract beyond the summer. Milan aren't going to go the extra miles to pay to get coaches out of their current deals. I really don't see other top foreign clubs chasing Conte at this point. In Serie A think he'll end up at Milan return to Juve if Allegri gets sacked or possibly Roma if Mourinho leaves. I think he's best suited to return to Italy.

 

[Alo88]

Okay, let's put that debate about pharaonic transfer windows or not aside because it's getting tiresome basing whole arguments on rumors and assumptions.

Question remains, if both Redbird and Investcorp offers were actually similar, why did Elliott go with RedBird's offer?

I tried to find out more about the structure of Investcorps offer. Il Sole 24 Ore wrote this in early May:

According to some rumors, the Bahrain Fund will be ready to put about 800 million euros of private resources on the table for the acquisition of the Rossoneri club, while another 400 million will be the result of various forms of financing, including bank “financing” with a group made up of Goldman Sachs and JPMorgan.

And:

Then the well-known economic journal explains that out of the 800 million “capital”, about 70%, and therefore approximately 600 million, will be the so-called “permanent capital” resources, that is, money for investment with a longer time horizon (we are talking about ten years).

And then, there's this article from Franco Ordine from MilanNews in mid May basically saying that Elliot would not consider an offer financed through a bond issuance. He notes that Elliot was keen to leave the club clear of debts. Or in his words:

"When news broke that Investcorp, the potential buyer of AC Milan, was planning to complete the financial transaction using a bond to be put in charge of AC Milan, Elliott explained that this eventuality was EXCLUDED from the conditions made clear by Elliott who has behaved like this from the first day they set foot in Milan. Few will remember that the Chinese fund had issued a 120 million bond on the Vienna stock exchange to ensure the Fassone-Mirabelli duo made the market welcomed with fanfare by many undeveloped and inexperienced fans, not to mention the famous experts who had secured the Scudetto even!

Well: as soon as Elliott took possession of the club, they paid off the bond, thus 'cleaning' the club of that debt. In the same way - and rightly so, I might add - Elliott expects the next shareholder to behave in the same way, who of course is free to have the operation financed by anyone, but the important thing is that he does not put it on the shoulders of AC Milan. In other words: you buy the Milan house, you get a mortgage from the bank, but as collateral you don't pledge the Milan house but possibly your other fortunes!"

All of this really doesn't paint a picture to me of a overly rich investment fond who couldn't wait to pull a Todd Boehly on us. But I'm no expert quite obviously. Maybe someone with a better understanding than me can break it down? @Samaldinho , @omer486 , @General , @brk ?

 

[Omer]

Okay, let's put that debate about pharaonic transfer windows or not aside because it's getting tiresome basing whole arguments on rumors and assumptions.

Question remains, if both Redbird and Investcorp offers were actually similar, why did Elliott go with RedBird's offer?

I tried to find out more about the structure of Investcorps offer. Il Sole 24 Ore wrote this in early May:

According to some rumors, the Bahrain Fund will be ready to put about 800 million euros of private resources on the table for the acquisition of the Rossoneri club, while another 400 million will be the result of various forms of financing, including bank “financing” with a group made up of Goldman Sachs and JPMorgan.

And:

Then the well-known economic journal explains that out of the 800 million “capital”, about 70%, and therefore approximately 600 million, will be the so-called “permanent capital” resources, that is, money for investment with a longer time horizon (we are talking about ten years).

And then, there's this article from Franco Ordine from MilanNews in mid May basically saying that Elliot would not consider an offer financed through a bond issuance. He notes that Elliot was keen to leave the club clear of debts. Or in his words:

"When news broke that Investcorp, the buyer of AC Milan, was planning to complete the financial transaction using a bond to be put in charge of ac Milan, Elliott explained that this eventuality was EXCLUDED from the condition made clear by Elliott who has behaved like this from the first day they set foot in Milan. Few will remember that the Chinese fund had issued a 120 million bond on the Vienna stock exchange to ensure the Fassone-Mirabelli duo made the market welcomed with fanfare by many undeveloped and inexperienced fans, not to mention the famous experts who had secured the Scudetto even!

Well: as soon as Elliott took possession of the club, they paid off the bond, thus 'cleaning' the club of that debt. In the same way - and rightly so, I might add - Elliott expects the next shareholder to behave in the same way, who of course is free to have the operation financed by anyone, but the important thing is that he does not put it on the shoulders of AC Milan. In other words: you buy the Milan house, you get a mortgage from the bank, but as collateral you don't pledge the Milan house but possibly your other fortunes!"

All of this really doesn't paint a picture to me of a overly rich investment fond who couldn't wait to pull a Todd Boehly on us. But I'm no expert quite obviously. Maybe someone with a better understanding thab me can break it down? @Samaldinho , @omer486 , @General , @brk ?

I think it's just technicalities... So Redturd don't put the loan from Elliott on Milan's books. But they have to pledge something to get the loan from Elliott. It's not going be a loan without collateral. So instead they use their equity in Milan as the the collateral. So If Redturd defaults then Elliott gets back full control of the club as before...

 

[Alo88]

Earlier some folks were claiming that Redbird "offered more money". The article clearly says the offers were similar.

Elliot decided to accept Redbird's offer because Investcorp didn't want to loan the money from Elliot. Redbird agreed to those terms.
See below.



This is simply Elliot being greedy and wanting to make a few hundred million more out of their investment (and maybe even repossess the club if Redbird default on the loan).

Yeah look, my point is: If both offers were similar, and the only difference was Redbird owing a couple of millions through interests, and we assume Investcorp isn't nearly as stingy as Redbird because they are ready to put 300-400M on the Mercato right away - that's the assumption the whole debate today is based on - then one would figure they would be able to put that couple of millions on their initial offer and thus outbid Redbird, no?

Since that didn't happen, I give very little credibility to the rumors painting Investcorp as that super rich fund refused by the greed of Elliott. Maybe they wouldn't have been as stingy as Gerry. Maybe the would have. Who's to know for sure? Based on today's sensational breaking news, I have learned nothing new to make the call.

 

[Kojak]

I say Conte as most realistic because everyone else I listed is still under contract beyond the summer. Milan aren't going to go the extra miles to pay to get coaches out of their current deals. I really don't see other top foreign clubs chasing Conte at this point. In Serie A think he'll end up at Milan return to Juve if Allegri gets sacked or possibly Roma if Mourinho leaves. I think he's best suited to return to Italy.

I just can't see him agreeing to a 35m net transfer budget plus he abandoned ship the minute Inter started selling their best players. I'm not saying that's going to happen here but if he was content with developing youngsters he would've stayed put. Anyway, I'd take Gasperini over him unless we get sold to Investcorp lol.

 

[Alo88]

I think it's just technicalities... So Redturd don't put the loan from Elliott on Milan's books. But they have to pledge something to get the loan from Elliott. It's not going be a loan without collateral. So instead they use their equity in Milan as the the collateral. So If Redturd defaults then Elliott gets back full control of the club as before...

This sounds reasonable. I mean I wholeheartedly agree that Elliott does what's best for Elliott. I'm not that naive I just haven't learned anything new today that makes me sure that Investcorp would have been that much better as owners as Redbird.

Maybe, maybe not. I'm ready to give Redbird one last summer to make their intentions clear and proof that we didn't end up with another Yonghong Li.

 

[Omer]

Yeah look, my point is: If both offers were similar, and the only difference was Redbird owning a couple of millions through interests, and we assume Investcorp isn't nearly as stingy as Redbird because they are ready to put 300-400M on the Mercato right away - that's the assumption the whole debate today is based on - then one would figure they would be able to put that couple of millions on their initial offer and thus outbid Redbird, no?

Since that didn't happen, I give very little credibility to the rumors painting Investcorp as that super rich fund refused by the greed of Elliott. Maybe they wouldn't have been as stingy as Gerry. Maybe the would have. Who's to know for sure? Based on today's sensational breaking news, I have learned nothing new to make the call.

I think the overall evidence is that usually new owners aren't that stingy like Redshit. Friedkin splashed out for Roma on some signings like Tammy and others. Elliott spent when they first took over Milan. It seems some new owners in Ligue 1 are also spending decent amounts. It's not that normal that a new owner takes over a big club and acts like this....

 

[Kojak]

Lmao Lazetic has been loaned to an Austrian side 3rd from bottom which shows his level

4m down the drain

 

[Alo88]

I think the overall evidence is that usually new owners aren't that stingy like Redshit. Friedkin splashed out for Roma on some signings like Tammy and others. Elliott spent when they first took over Milan. It seems some new owners in Ligue 1 are also spending decent amounts. It's not that normal that a new owner takes over a big club and acts like this....

True that tho. Don't make me change idea already!

 

[rossonero1]

This sounds reasonable. I mean I wholeheartedly agree that Elliott does what's best for Elliott. I'm not that naive I just haven't learned anything new today that makes me sure that Investcorp would have been that much better as owners as Redbird.

Maybe, maybe not. I'm ready to give Redbird one last summer to make their intentions clear and proof that we didn't end up with another Yonghong Li.

You would have to think this upcoming summer is make it or break it. We find out how serious Red Bird is. Last summer the excuse was they took over right when the transfer window closed & this winter they did nothing.