Soccer-AC Milan Owner Denies Report it is Looking for New Investors

AC Milan's French forward #09 Olivier Giroud (C) makes a heart sign as he celebrates after scoring his team's second goal during the Italian Serie A football match between AC Milan and Salernitana at San Siro Stadium, in Milan on May 25, 2024. as the last match by coach. (AFP)
AC Milan's French forward #09 Olivier Giroud (C) makes a heart sign as he celebrates after scoring his team's second goal during the Italian Serie A football match between AC Milan and Salernitana at San Siro Stadium, in Milan on May 25, 2024. as the last match by coach. (AFP)
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Soccer-AC Milan Owner Denies Report it is Looking for New Investors

AC Milan's French forward #09 Olivier Giroud (C) makes a heart sign as he celebrates after scoring his team's second goal during the Italian Serie A football match between AC Milan and Salernitana at San Siro Stadium, in Milan on May 25, 2024. as the last match by coach. (AFP)
AC Milan's French forward #09 Olivier Giroud (C) makes a heart sign as he celebrates after scoring his team's second goal during the Italian Serie A football match between AC Milan and Salernitana at San Siro Stadium, in Milan on May 25, 2024. as the last match by coach. (AFP)

US investment firm RedBird Capital on Friday denied a report by Italian newspaper La Repubblica saying it was looking to sell a stake in AC Milan, the Italian soccer club it has owned since 2022.

"The reporting by La Repubblica about selling a stake in AC Milan is a complete fabrication. It is wholly untrue," a spokesperson for RedBird said.

RedBird took over the club from US fund Elliott in a 1.2 billion euro ($1.32 billion) buyout, according to Reuters.

La Repubblica said it was partly financed through a vendor loan from Elliott worth 560 million euros due next year, plus RedBird's own investment of 681 million euros.

RedBird was now looking to "rebalance its portfolio" by selling "up to 150 million euros of the initial invested capital of 681 million" at base cost, the newspaper added.

It cited a document for potential new investors prepared by US investment firm Washington Harbour on behalf of RedBird, adding that the file "has been circulating in international financial circles since May".

In an earlier statement which stopped short of a full denial, a RedBird spokesperson had told Reuters that Gerry Cardinale, the founder and managing partner of the fund, "does not know Washington Harbour and the document cited by the newspaper is not attributable to him".

Washington Harbour did not reply to a Reuters request seeking comment over the press report.



Man United Has Been Revamped by Ratcliffe but it's the Same Old Story for Ten Hag

Manchester United Manager Erik ten Hag - The AP
Manchester United Manager Erik ten Hag - The AP
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Man United Has Been Revamped by Ratcliffe but it's the Same Old Story for Ten Hag

Manchester United Manager Erik ten Hag - The AP
Manchester United Manager Erik ten Hag - The AP

It feels like Groundhog Day for Manchester United and Erik ten Hag. Another season has hit crisis point after only a few games.

Perhaps that's why the United manager was so dismissive of the renewed pressure on him after last week's humbling 3-0 loss to Tottenham.

“Nothing is easy, but this is nothing for me to panic about because I experienced it so often with my teams during seasons that you are facing those problems,” he said this week. He is right.

United's record of three losses after six English Premier League games is in keeping with his two previous campaigns at Old Trafford, The AP reported.

In 2022, he lost his opening two and three of the first seven.

In 2023 it was even worse, as United lost three of five at the start.

Both of those seasons ended with a trophy, but the feel-good factor provided by the most recent silverware — May's FA Cup triumph against Manchester City - has long evaporated in the face of the likelihood that United's 11-year wait for the league title is set to go on.

There is little sign of progress in the league despite spending around $750 million on transfers.

On Sunday, United travels to Aston Villa, which has been transformed by manager Unai Emery, who has worked on a fraction of that budget. The Spaniard has spent around $270 million to turn Villa from a team that was battling relegation when he took over in October 2022 to one that beat beat Bayern Munich in the Champions League on Wednesday.

Another defeat for United would intensify questions about Ten Hag's position ahead of the October international break, which has traditionally been a time when clubs look to make managerial changes.

Emery's success at Villa is evidence of what can be achieved in a short period of time. Villa was three points above the relegation zone when he was hired. In his first full season, he led the Midlands club to fourth, eight points ahead of United and qualified for the Champions League.

He is yet to deliver silverware, but the trajectory is clearly upward.

United is 13th heading into the weekend, having finished last season in eighth and the previous year third.

Ten Hag kept his job only after an extensive review by United's new hierarchy put in place by minority owner Jim Ratcliffe. But even if he was given a vote of confidence and a one-year extension to his contract, he remains a legacy of a failing operation that Ratcliffe is trying to overhaul since buying a 27.7% stake in the club in February.

What's more, the decision to keep Ten Hag was made before new CEO Omar Berrada and sporting director Dan Ashworth officially took up their positions in the offseason.

Both insisted in September the Dutchman had their full backing, but managers are ultimately judged by results on the field and the sight of United fans leaving early and some booing at the end of the Tottenham game highlighted growing dissatisfaction again around the club.

Ten Hag has a new coaching staff, including former United striker Ruud van Nistelrooy, but familiar problems abound.

United has previously sacked managers David Moyes, Jose Mourinho and Ole Gunnar Solskjaer in mid-season, but never one before November in the modern era.

That might provide Ten Hag with some comfort as he tries, once again, to turn United's season around.