Saudi PIF Accelerates Interest in AC Milan


Numerous reports in Italy suggest the Saudi based PIF are interested in a acquiring a minor stake in Serie A side AC Milan. Italian newspaper La Republica reported in January on the interest of Middle Eastern investors associated with PIF (the Saudi government fund) to acquire a stake in Milan or become partners.

Republica suggest that this has now progressed to news of due diligence being conducted by PIF, with exclusive access until the end of the month. Amidst denials regarding the news and speculation about the turmoil at Casa Milan, there’s a scheduled meeting between potential investors and fundraisers in Saudi Arabia during the Formula One Grand Prix weekend in Jeddah, where football-related discussions will likely overshadow motorsports.

While club owner Gerry Cardinale seeks funding for the San Donato stadium, the rejuvenation of San Siro is a significant development. Mayor Sala, along with the influential construction company WeBuild, aims to convince Milan and Inter that it’s unnecessary to leave Milan for San Donato and Rozzano, proposing instead the renovation of the existing stadium with additional VIP facilities, minimizing the need for relocation during construction. However, compensation for potential revenue loss due to temporary closures remains a key issue, monitored closely in London by Gordon Singer of Elliott Management, a major influence in Milan’s board due to a €550 million loan to Cardinale’s RedBird Fund, expiring in 2025.

Meanwhile, inside the San Siro, potentially earmarked by the Italian Football Federation as the venue for Milan’s Euro 2032 matches, Pioli entertains the idea of replicating the strategy used against Rennes three weeks ago: securing victory against Slavia mostly in the first leg, making the trip to Prague a formality. Yet, reaching the Europa League quarter-finals, the only trophy yet to be won, wouldn’t fully redeem a season marred by December’s Champions League exit and subsequent public criticism of the coach by Cardinale.

Approaching the end of his contract in a year, Pioli aims to prove that cohabitation doesn’t hinder success. However, there’s a risk that key players – the 37-year-old Giroud, tempted by the MLS, and at least one among Hernandez, Maignan, and Leao, targeted by Bayern and PSG – may depart. Sales exceeding €70 million could offset revenue losses from the previous Champions League edition and finance Ibrahimovic’s planned market moves, including securing a professional contract for prodigious 16-year-old forward Camarda.


Serie A obsessive.