RedBird chief Gerry Cardinale breaks silence on…

RedBird chief Gerry Cardinale breaks silence on Liverpool purchase

RedBird Capital Partners founder and managing partner Gerry Cardinale has confirmed that he has no plans bid for Liverpool.

It is a fortnight since it emerged that Liverpool owners Fenway Sports Group were exploring a potential sale of the club and a number of potential bidders have been linked over the past 14 days, from sovereign wealth funds to American private equity.

Sources in the US told the ECHO shortly after the news of FSG's interest in potentially selling the Reds that one party who would not be entering the race would be that of RedBird, the US investment fund that acquired 11 per cent of FSG back in March 2021 for $750m.

RedBird, who bought French side Toulouse in the summer of 2020 and took a majority shareholding of Italian giants AC Milan back in September, have been active in the sports sector over the past two years, with investments in the re-energised XFL in America, and the Indian Premier League cricket competition.

Sources said that there was no interest in pursuing an ownership stake in the Reds, with RedBird committed to a long-term vision at AC Milan and having no desire to divest any of their interest in their £1.1bn purchase.

Cardinale, who was speaking last week at the Sohn Hearts & Minds Investment Conference in Australia, spoke to Australian media over his investment strategy and was pressed on his stance on Liverpool, confirming what sources had told the ECHO.

Speaking to The Australian, Cardinale confirmed that RedBird's ownership stake in AC Milan and clear conflict of interest meant that they wouldn't be bidding on the club, which he described as a "phenomenal asset".

While the willingness of FSG to open themselves up to expressions of interest in the Reds with regards to a full takeover the ownership group have remained firm in their stance that any move at this stage is exploratory, with well placed US sources telling the ECHO that it was a case of them "testing the waters" over interest and potential market value in the current climate.

Liverpool chairman and FSG's second in command, Tom Werner, told the Boston Globe outside the Major League Baseball owners meeting in New York last week: " We’re exploring a sale, but there’s no urgency, no time frame for us, and as far as I’m concerned, it’s business as usual.

"One outcome could be our continued stewardship for quite a while."

Mike Gordon, who had been the main link between Liverpool and FSG's top brass over the past decade, has now handed over much of his responsibilities to Reds CEO Billy Hogan, with Gordon tasked with leading the investment search or any interest in a full takeover.

One outcome that has been presented as an option is for a minority shareholding to be sold with a view to a full takeover further down the line, something that may work for FSG given the expectation that valuations will continue to rise over the next two to three years, albeit possibly at a slower rate than before.

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