Middle East calling [Newsletter]

Feb 28, 2024

Despite playing quite well, especially in contrast with the Monza and Rennes displays, Milan only came away with one point from their game against Atalanta. On a more interesting note, however, Gerry Cardinale revealed that he’s willing to sell a minority stake in the club. The likely candidates are in the Middle East, where the American has spoken to several funds.

The reports regarding Milan’s ownership situation have been many in the last few months, with most speaking in hyperbolic terms. “Cardinale will sell the club”, “Maldini will come back along with Leonardo” and so on. If you have been a paid subscriber here for a while, you will know this is not true, given that we published a full breakdown in December.

In his interview with Calcio e Finanza, Cardinale confirmed our breakdown by stating the following: “Right now, there is a lot of capital in the Middle East and we are open to collaborating with potential partners who could join us both as sponsors and as partners in the construction of the new stadium, or as minority shareholders as true value-added partners, but I will not give up control”.

Before Cardinale even reached an agreement with Elliott Management, there was great interest in the Middle East and a battle ensued, though the American came out on top in the end. With the necessary stadium approvals on the cards (though we must be cautiously optimistic here), the value of Milan has naturally increased. Not to mention the improved financial situation, registering a €6m profit in 2022-23.

In other words, now (or at least soon) is the perfect opportunity for Cardinale to bring on additional capital and still keep control of the club. It’s not necessarily because he cannot spend the money himself, but rather it would simply be foolish not to capitalise on the Middle East interest. Enough about this, though, as we also have an exciting game to discuss in this week’s newsletter.

On Friday evening, Milan will take on Lazio away from home. A rather unusual kick-off day for the Rossoneri (only the third time this season), although it likely won’t have a huge impact on the game. Sure, Stefano Pioli will have one day less on the training ground, but at least there is something to build on now after what was a promising display against Atalanta.

Furthermore, Milan managed to keep Atalanta at a distance in the standings, with the Bergamo side facing the fourth-placed Bologna next. There could thus be an opportunity for the Rossoneri to cement their position, but this should only be considered a bonus. Because Pioli’s men need to claim all three points in their game, first and foremost, before looking at the standings again.

News bulletin

➤ Milan Primavera faced Inter in the derby on Saturday and after going 1-0 down early on, Francesco Camarda found the equaliser to earn a draw. On Wednesday afternoon, Ignazio Abate's side face Braga at home in the UEFA Youth League last 16 and we have provided a short preview.

➤ Rafael Leao's autobiography 'Smile' is officially released on Wednesday night, and some excerpts have emerged in which he spoke about why he renewed his contract with Milan plus the roles of Giorgio Furlani and Gerry Cardinale.

➤ In mercato news, it seems Theo Hernandez and Rafael Leao are concrete targets for Bayern and PSG respectively, while Viktor Gyokeres of Sporting CP has emerged as a candidate for the striker position and there could be further proceeds coming in from sales and sell-ons.

➤ La Gazzetta dello Sport highlighted how Stefano Pioli must fix some key issues with his Milan team if they are to win the Europa League, and that might well be what is needed for him to keep his job.

➤ Pioli chose to entrust Yacine Adli with a deeper midfield role against Atalanta, and the response that he got was a very positive one. Despite this, the constant chopping and changing of the midfield has been put under the microscope.

➤ We have as always had some long reads on the website in the past week, such as why Stefano Pioli is walking a tightrope in his role, in addition to tactical analyses from the games against Rennes and Atalanta.