RedBird Capital Partners founder Gerry Cardinale has resigned from his post as a board member at Toulouse FC, according to a report from Les Violets. Cardinale reportedly stepped down from his duties during a general meeting on June 9th. This move comes at no surprise considering that Cardinale is the owner of the American private investment firm that also owns a majority share in AC Milan. Toulouse and the Rossoneri have both qualified for European competition next season, as French Cup winners for the former and Serie A’s fourth-placed team for the latter. Toulouse are due to play Europa League whilst AC Milan have qualified for the Champions League group stage.
Although Toulouse and Milan are not due to feature in the same continental competition, UEFA rules and regulations are clear when it comes to multi-club ownership: Two clubs owned by the same entity, in this case RedBird Capital Partners, cannot be guaranteed an entry into any configuration other than the Champions’ League and UEFA Conference League. The latter tournament would be one step down from what TFC qualified for. Toulouse president Damien Comolli was adamant that the Garonne club will participate in the Europa League next season. The former Tottenham and Liverpool executive said during a press conference on June 6th that the club’s board would not be altered to allow Toulouse an entry in the Europa League and circumvent UEFA rules on multi-club ownership.
It appears however that the situation quickly changed with Cardinale resigning three days later. Les Violets understand that the American businessman will now be solely dedicated to the management of AC Milan. The outlet add that three RedBird Capital Partners executives sit on both clubs’ boards, namely Alec Scheiner, Niraj Shah and Isaac Halyard. It remains to be seen whether those members of each board will keep both of their posts. UEFA are due to convene at the end of the month to decide whether or not RedBird have made enough adjustments to field two clubs in European competitions next season in the configuration that they are hoping for, in a process that Red Bull similar managed with RB Leipzig and RB Salzburg.
GFFN | Bastien Cheval
