Gerry Cardinale, the owner of AC Milan and head of RedBird Capital, recently shared his vision for the club’s future in an interview, addressing both challenges and opportunities. Reflecting on the acquisition of AC Milan, Cardinale recalled the skepticism he faced from other American sports team owners who warned him, “You’re crazy. You can’t do business in Italy,” and “It’s impossible to make money in European football.” He highlighted that many investors in sports are driven by emotion, often prioritizing championship victories over sound financial practices. “This is the worst thing you can do as an investor,” he stated.
Cardinale emphasized the financial potential of AC Milan, noting that they purchased the club for a price equivalent to 3.6 times its revenue, while Chelsea was acquired at a multiple of seven times its revenue. “I believe Milan has the potential to become a €5 billion enterprise,” he asserted.
The passion of the fans has left a significant impression on him: “The passion of the fans has been incredible. I had never seen anything like it. I sent pictures to my team in New York and told them, ‘You better get ready.'”
Regarding leadership, Cardinale expressed confidence in CEO Giorgio Furlani, stating, “I could have hired someone from European football, but Giorgio thinks like we do at RedBird. He is unique in European football: young and free from doing things just because ‘that’s how it’s always been done.'”
He also discussed the importance of experienced players like Zlatan Ibrahimović: “Most people would see his hiring as just a showcase or think of me as an owner enamored with celebrity. It’s the exact opposite: I’m looking for world-class people who can make us better.”
Addressing media pressure, Cardinale expressed frustration with how narratives can be distorted: “I’ve stopped reading newspapers here because they can simply make things up. The fans do their job, but most other components of the chain make it harder for us to offer the best to them.”
On the topic of financial strategy, he explained the sale of Sandro Tonali to Newcastle United: “We didn’t sell him because we needed to; we sold him because we received a great offer. We made €70 million plus a €10 million earn-out—the highest fee ever in Serie A.”
Cardinale also outlined plans for either renovating the existing stadium or building a new one that reflects modern entertainment standards. “We could significantly renovate our existing stadium or build a new one that mirrors our status as live event entertainment companies,” he said. However, he acknowledged the challenges involved: “Building stadiums in Italy is a challenge—the last one was built in 2011.”
He clarified his approach towards Americanizing AC Milan: “I’m not trying to Americanize AC Milan. I’m looking to introduce some American elements that can constructively elevate Milan to the next level.”
Finally, Cardinale addressed his objectives for the club: “Winning championships is obviously an important goal. But we must balance this with ‘winning intelligently.’ The Inter won the Scudetto last year and then went bankrupt— is this really what we want? For my investors who focus on long-term value appreciation, my job is to position AC Milan to compete for the Scudetto every year and qualify for the Champions League annually.”
