LaPresse: Milan, Here's the Money - Refinancing with BGB Weston
Nov 14, 2017, 08:00 ET
Money comes to A.C. Milan
MILAN, Nov. 14, 2017 /CNW/ - BGB Weston, the finance firm, has signed an eight-week agreement to complete the refinancing of the debt the rossoneri team, incurred with US-based hedge fund Elliot Management Corporation. The task of BGB Weston (a firm with extensive experience in the football industry, having purchased clubs in Italy and Spain), will be to find a bank or fund available to "cover" Milan for five years, rather than the current three. Responsibility for the task will fall to Lorenzo Gallucci, the leader of the firm, despite the rumors that Antonio Giraudo might be nominated for the job. The former CEO of Juventus - he held the position from 1994 to 2006 - will have no role. "We have been collaborating with him for years in developing and providing financing to the real estate sector," Galluci clarified.
(Photo: http://mma.prnewswire.com/media/603335/AC_Milan_Training.jpg )
Marco Fassone, the Managing Director of A.C. Milan, had other solutions available, however the eight-week agreement with BGB Weston eliminated the possibility of acting on another solution. A London-based financial firm is working out the details of an approach whereby both Milan's debt and that of the holding led by Yonghong Li would be refinanced. "I am confident that we may come to a definite solution even before the eight weeks are over, significantly quicker than with traditional refinancing," emphasized Gallucci, who also highlighted his trust in "the current management" and forecast a positive scenario for the future "because we believe that, with our help, the club will continue to develop, particularly in Asia, where a campaign to bring about significant brand penetration is in progress."
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