Reuters: Cardinale ‘not familiar’ with document about Milan shares for sale | OneFootball

Reports emerged this morning that Gerry Cardinale was selling some shares in the club to ‘rebalance’ the portfolio. However, a source close to the AC Milan owner has suggested this is not true.

Seeing reports about Cardinale looking to sell some of his Milan shares do not come as a shock, and there are several months worth of ‘receipts’ that suggest that the American has been interested in the possibility of selling some shares.

It is no secret that he has been to the Middle East to seek investment, and he has previously stated that he would be open to investment from the region. Additionally, there have been suggestions about investment from the United States – where the club holds a massive fanbase.

This morning’s report revealed that the owner was looking to sell 22% of his shares in the club with the aim of ‘rebalancing’ his portfolio, and doing so at a cost basis – meaning he would not make a profit on the shares sold.

However, a RedBird spokesperson told Reuters (via Milan News) that the managing partner is ‘not familiar’ with Washington Harbour – a US investment firm who have been circulating the shares for interest, according to the initial report this morning. It was added that the story was ‘not attributable’ to Cardinale, so we must again see what occurs from here.