AC Milan owner Gerry Cardinale has explained how RedBird managed to buy French club Toulouse.

Both Milan and Toulouse are in the RedBird portfolio.

Cardinale told Bloomberg: “To cut a long story short, Toulouse's price was around 60 million euros . They were relegated to the second tier. We bought them for 15 million euros within three months.

“Within three months, with Billy, Luke Bornn and our team, our data analysis team, we sold our first player for around 15 million euros. And then, after the first year, we got promoted to Ligue 1. And now Toulouse sails steadily to mid-table and has a very reasonable wage bill.

“That would make you think we would have to spend a lot more to be as mid-table as we are. European football is about spending that incremental dollar of capital better than the next guy.

“Then we invested in Fenway Sports Group during covid, because I believed in this type of intellectual property and we focused on sport as a rights holder. With FSG I got to know the greats with Liverpool. So that was the next step in the tutorial, and it is It was one of the first deals I made in sports."