Gerry Cardinale (foto: Getty Images)
Gerry Cardinale explains why Milan focuses on balanced spending and sustainable growth, contrasting with Serie A’s golden era of lavish investments by club owners.
The golden era of Italian football was defined by extravagant spending from wealthy owners obsessed with their clubs. Names like Silvio Berlusconi, Massimo Moratti, and Giovanni Agnelli poured millions into their teams, creating a league dominated by the world’s best players. Clubs like Juventus, Inter, Milan, and Lazio were the pinnacle of football, but the financial recklessness of that era has been replaced by a calculated, business-oriented approach.
Today, clubs like AC Milan are owned by investment funds, where every decision is scrutinized through spreadsheets and financial models. Milan’s current owner, Gerry Cardinale, head of RedBird Capital, exemplifies this shift. Speaking about modern football, he highlighted the balance needed between on-field success and financial sustainability.
"When we bought Milan, many American sports team owners told me I was crazy. They said there’s no business in Italy. Many investors get emotionally involved and think overspending on star players leads directly to titles. But that’s the worst mistake you can make as an investor," said Cardinale.
Cardinale stressed that Milan’s goal isn’t to abandon ambition, but to achieve success in a sustainable way:
"Milan has the potential to be a $5 billion company. I hired Giorgio Furlani as CEO because he shares our vision of financial discipline and balancing results on and off the pitch."
This strategy includes decisions like the sale of Sandro Tonali to Newcastle:
"We didn’t sell Tonali because we had to, but because it was a great opportunity. We earned €70 million, freed up €10 million in wages, and reinvested to sign six new players. It wasn’t about necessity but maximizing the opportunity."
Cardinale pointed to Inter Milan as an example of unsustainable success:
"Inter won the title and then their owner went bankrupt. Is that really what we want? The goal is to consistently compete for titles, play in the Champions League every year, and maximize revenue to grow the brand sustainably."
Cardinale also highlighted the challenges of improving Milan’s stadium, a critical component of modern club revenue:
"We could renovate San Siro, but for the same cost, we could build a new stadium reflecting the current status of clubs as entertainment companies. I’d love a 70,000-seat modern stadium, but the city hasn’t been very helpful with permits."
For fans longing for the Berlusconi era, Cardinale acknowledges the nostalgia but remains focused on Milan’s future. His aim is to blend American business efficiency with Italian passion, ensuring Milan remains competitive while avoiding the pitfalls of financial irresponsibility.