AC Milan owner Gerry Cardinale has taken aim at private equity firms that are placing their money in sports but making no effort to improve the ecosystem in which they now exist.
Speaking on stage at the IMG x RedBird Summit on Wednesday (via Financial Times), the RedBird Capital Group owner explained that people are parking their money in the sector and leaving it there, rather than actively trying to achieve or create change.
“This is about my crowd coming into sports. The problem with my crowd is they are asset managers. They just want to buy stuff, and that’s not great for intellectual property based businesses,” he said.
