Cardinale wants to invest further in the world of sport: he has a very ambitious and difficult project to realize for the future.
RedBird Capital Partners is an investment company very involved in the world of media and sports. The Milan it is just one of the assets on which it has decided to focus, although it is certainly among the most important. Milan, Gerry Cardinale reveals another future plan (Ansa Photo) – MilanLive.it
Before buying the Rossoneri club, he had already invested in football with two different operations: one by acquiring minority shares of the Fenway Sports Groupowner of Liverpooland the other by purchasing the majority of Toulouse. As regards the latter, in recent weeks undenied rumors have emerged regarding a possible sale. But football is not the only area he is interested in Gerry Cardinale and his associates.
Cardinale brings the NBA to Las Vegas?
RedBird Capital Partners invested in XFL, professional football league, in collaboration with Dwayne Johnson (The Rock) and Dany Garcia. Another important matter concerns the F1with the acquisition of minority shares of the team Alpine. And there are also other investments in the sports sector. But there is another ambitious project in his head Cardinal.
Milan, Gerry Cardinale reveals another future plan (Ansa Photo) – MilanLive.it
The patron of Milan he spoke about it in a speech at the Sport Business Journal Intercollegiate Athletics Forum in Las Vegas: “We are looking to bring an NBA expansion team to Las Vegas in partnership with Lebron James e Fenway Sports Group. We started this project three years ago, when the price of a team was 3 billion dollars. Today it ranges from 5.5 to 6 billion. I’m not sure we can make this work.”
A deductible of Las Vegas in NBA is missing and Cardinale has been working for some time to realize this difficult project. He admits that he might not be able to do it, because a lot of money is needed and there is the possibility of having to change something in the future: “Perhaps we have reached the point where if we want to see continued progression in these valuations, perhaps a different type of capital needs to come in. Perhaps I have evolved and am passing the baton to a sovereign wealth fund or a lower cost of capital provider. We may have reached this point“.
The Italian-American businessman is very ambitious, but also realistic. He will do everything possible to bring an NBA franchise to the famous city in the state of Nevada, but he cannot say too much about the success of this attempt. Goodwill is not enough, more pieces must be put together for this undertaking.
2023-12-08 21:51:26
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