Latest news with #GerryCardinale
Yahoo
7 days ago
- Entertainment
- Yahoo
Theo Hernandez trolls AC Milan chiefs with Maldini merchandise
Theo Hernandez has sent another pointed message to the current Milan hierarchy by posting an image of himself wearing former director Paolo Maldini's merchandise. The left-back made the transfer to Al-Hilal this summer and left with a series of critical comments aimed at those in charge of the Rossoneri, accusing them of losing their way since dismissing Maldini. Theo Hernandez still sending Milan messages Theo Hernandez Milan (Photo by Gabriel BOUYS / AFP) (Photo by GABRIEL BOUYS/AFP via Getty Images) It was therefore not a coincidence when he posted an Instagram Stories image of himself wearing a Paolo Maldini 'Il Capitano' shirt today. There was no text with the picture, only the emoji of a smirking face in sunglasses. He was also looking down at the shirt, tipping his hat to the legend who had been so instrumental in bringing Theo Hernandez to San Siro in the first place. Maldini has become a rallying figure behind the movement of Milan fans who are against patron Gerry Cardinale and his directorial team, including Zlatan Ibrahimovic and Giorgio Furlani.
Telegraph
22-07-2025
- Business
- Telegraph
Laws to allow UAE stake in The Telegraph approved by Lords
The House of Lords has approved legislation to enable the United Arab Emirates to become part-owner of The Telegraph against significant cross-party opposition. Peers agreed to allow foreign states to take passive shareholdings in British newspapers of up to 15pc. The move prepares the ground for the end of more than two years of damaging limbo for The Telegraph, which has effectively operated without an owner since June 2023. Lords on Tuesday evening voted through a statutory instrument proposed by the Government to ease an existing outright ban on newspaper investments by foreign powers. Peers rejected a rare 'fatal motion' tabled by the Liberal Democrats that attempted to block the legislation. The motion, which would have controversially overturned a vote in the House of Commons, was defeated by 267 votes to 155. Gerry Cardinale, the founder of RedBird Capital, the US private equity firm in line to become the controlling shareholder in The Telegraph, said: 'Today marks an important milestone that provides the clarity we need to press ahead with RedBird Capital's acquisition of The Telegraph. 'With legislation now in place, we will move quickly and in the forthcoming days work with DCMS [the Department for Culture, Media and Sport] to progress to completion and implement new ownership for The Telegraph.' A well-attended upper chamber heard arguments that the statutory instrument undermined the intention of the outright ban introduced last year to block an attempted takeover of The Telegraph. The decision opened a diplomatic rift with the UAE, which ministers have been attempting to close, including in a visit to Abu Dhabi by Sir Keir Starmer in December. The blocked bid was majority funded by IMI, a media company controlled by Sheikh Mansour bin Zayed Al Nahyan, the vice president of the UAE, which prompted a cross-party outcry over press freedom. The UAE positioned itself to take control by repaying the overdue debts of the Barclay family, the previous owners, but did not reckon on a change in the law. There followed a year during which IMI tried to exit its investment in an auction which failed to deliver a bid able to match its price. In May Lisa Nandy, the Culture Secretary, announced plans to treble the limit on foreign state investment to 15pc. Prior to the general election, Conservative ministers proposed a limit on foreign state investment of just 5pc to protect press freedom. Ms Nandy said the shift was necessary to allow publishers greater access to sovereign wealth investment as they attempt to negotiate the decline of print newspapers. Baroness Twycross, her junior minister in the Lords, this evening said: 'The far greater risk is how UK news media faces significant, genuinely existential challenges as their business models move away from print towards digital, and new technologies emerge. 'Whilst it is vital we support stronger protections for UK newspapers and other news media, we need to make sure we don't inadvertently make it harder for newspaper groups to survive.' The Conservative Lord Black of Crossharbour, and deputy chairman of Telegraph Media Group, backed the Government. He warned: 'It really is five minutes to midnight for much of the British press ... the passage of these regulations is absolutely vital to the future of the British press.' The Telegraph last year reported a 35pc increase in operating profits to £54m on a turnover of £278m, up 5pc. Lord Fox, the Lib Dem business spokesman behind the fatal motion, said: 'Whether the Government is trying to deliver capital to the sector or it is mending a diplomatic fence, in doing so they are parlaying foreign influence. Whatever the side-deals, they are not worth the cost of press freedom.' He was supported by a group of 41 Conservative peers who went against the party's policy of supporting the legislation. The rebellion was larger than expected. Their leader, Lord Forsyth, said: 'It is completely unacceptable that our parliamentary procedures should be overridden and that we should create an open door for foreign governments to get into our media. 'If we have foreign governments owning newspapers … that will mean there is a conflict of interest between our journalists and their proprietors. Between journalists who might want to write unpleasant things about some regimes.' Peers appeared to ease the ban with some reluctance. The Tory peer Baroness Stowell of Beeston, who played an influential role in forcing action against the UAE bid for The Telegraph prior to the general election last year, criticised the Labour Government's subsequent handling of the 'sorry saga'. Her 'motion of regret' rebuked ministers for a loophole in the statutory instrument which could allow multiple foreign powers to take stakes of up to 15pc each. She said: 'What I find so frustrating is it's taken the Government a year to get to this point. And we still need a further set of regulations to be laid out to address the serious loophole. 'This foot-dragging and apparent incompetence have given rise to legitimate questions about who or what has really influenced the Government in its approach to this incredibly important matter. 'If the Government were acting only in the interests of the press industry, we would have got all this sorted and the ownership of The Telegraph long before now.' But Lady Stowell argued that if the 15pc limit is properly enforced, it will allow investment in newspapers at a critical time. She said: 'While I respect those who are framing this debate as a battle about the future of press freedom, actually, if it's a battle about anything, it's over the future of a financially viable press. We don't just need our newspapers to be editorially independent, we need them to survive.' IMI is now expected to become a passive minority investor in the £500m takeover of The Telegraph by RedBird, meaning it will have no governance rights and be unable to appoint directors. The Government will be obliged to intervene and could unwind the deal if it is found to have sought influence. RedBird was the junior financial partner in last year's blocked attempt, but has since agreed to increase its outlay to become the controlling shareholder. Mr Cardinale has also lined up British minority investments from the Daily Mail publisher Lord Rothermere and Sir Leonard Blavatnik, the owner of the sports streaming service Dazn. Ms Nandy is expected to trigger an initial investigation by the media regulator Ofcom of its potential impact on the public interest and by the Competition and Markets Authority of its compliance with the new foreign state investment regime. Their findings will inform Ms Nandy's decision weeks later on whether to demand more in-depth scrutiny, taking about six months. That would mean The Telegraph would not be under new ownership until next year. Lord Fox and Lady Stowell urged the Government to fully scrutinise RedBird's deal. It has faced attacks from Conservatives, including Sir Iain Duncan Smith over the longstanding business links to China held by John Thornton, RedBird's chairman. After his motion to block the legislation was defeated, Lord Fox said: 'The Government's move to force through this legislation in the face of historic cross-party resistance is reckless.' He said the Lib Dems would 'hold the Government's feet to the fire and limit the damage in any way we can'. RedBird is expected to continue to develop ambitious investment and growth plans for The Telegraph as it navigates the regulatory process. Mr Cardinale said: 'At 170 years old, The Telegraph is one of Britain's most iconic cultural institutions and frankly should be one of its greatest cultural exports. 'But The Telegraph can't rely solely on that heritage. If it doesn't proactively look to innovate and find new ways to grow and diversify its subscriber base and other revenue-based verticals, its relevance and important leadership position in the UK and globally will be severely challenged. 'RedBird is the right owner at the right time in this critical fork in the road for The Telegraph. 'RedBird is well-capitalised, has a track record in owning and growing iconic intellectual property businesses, and importantly has a track record in being 'talent-friendly' while also embracing financial growth.'
New York Times
30-05-2025
- Business
- New York Times
Massimiliano Allegri returns to Milan to replace Sergio Conceicao as head coach
Massimiliano Allegri has returned to Milan to replace Sergio Conceicao as head coach. Former Porto head coach Conceicao was sacked after just five months in charge on Thursday following a disappointing eighth place finish in Serie A that saw the club miss out on European qualification for 2025-26. Allegri has been out of work since being sacked by Juventus in May 2024. Advertisement In response to the club's disappointing season, Milan fans staged a remarkable protest against the club's American ownership ahead of their final Serie A match of the season against Monza earlier this month. Around 5,000 ultras gathered outside the club's Casa Milan headquarters before marching to San Siro. They lined up in the stands to spell out 'Go Home' in the Curva Sud, with chants demanding RedBird Capital's Gerry Cardinale sell his stake in the club and leave. Allegri's arrival follows the appointment of former Serie A striker Igli Tare as the club's new sporting director, a role the Albanian previously held at Lazio. Allegri has spent his entire managerial career, which spans over two decades, in his native Italy. His first senior job was with Aglianese and then moved to Sassuolo, before getting his first opportunity at coaching a Serie A team with Cagliari in 2008. The 57-year-old then spent previously three-and-a-half seasons with Milan between 2010 and January 2014. Allegri won the Serie A title in his first season at San Siro in 2010-11, the club's first Scudetto in seven years, and the Supercoppa Italiana the following season, but finished 2012-13 trophyless, and he left the club in January the following season. He was then appointed Juventus head coach in the summer of 2014, replacing Antonio Conte, and winning the Italian top-flight in each of his five seasons in charge between 2014-15 and 2018-19, while also reaching the Champions League final in 2015 and 2017. Juventus also won four Coppa Italia crowns and two Supercoppa Italiana trophies during this spell. Allegri's second spell in Turin did not bring the same level of success, with his three seasons in charge yielding just the Coppa Italia in his final campaign. Conceicao had a bright start to life in Milan, guiding his side to a 3-2 victory over rivals Inter in the Supercoppa in January however, the following month, they were eliminated from the Champions League at the play-off stage by Feyenoord. Milan parted ways with Scudetto-winning head coach Stefano Piolo in the summer of 2024 and then sacked his successor Paulo Fonseca in December of that year, with Conceicao his replacement.
Yahoo
26-05-2025
- Business
- Yahoo
US investment firm Redbird plans to buy Britain's Telegraph newspaper
A consortium led by US investment firm RedBird Capital Partners has agreed to buy the publisher of Britain's 170-year-old Daily Telegraph newspaper for about £500 million (€595.5m), the two sides said on Friday. RedBird said it has reached an agreement in principle to become the controlling owner of the Telegraph Media Group, ending a lengthy takeover saga for the conservative-leaning newspaper. Gerry Cardinale, founder and managing partner of RedBird, said the sale 'marks the start of a new era for The Telegraph, as we look to grow the brand in the UK and internationally, invest in its technology and expand its subscriber base.' The Telegraph group, previously owned by Britain's Barclay family, was put up for sale two years ago to help pay off the family's debts. It publishes the daily and Sunday Telegraph newspapers and weekly newsmagazine The Spectator, which are all closely allied to Britain's Conservative Party. In 2023, there was an offer to buy the publications from RedBird IMI, a consortium backed by RedBird Capital Partners and Sheikh Mansour bin Zayed Al Nahyan, a member of Abu Dhabi's royal family and the vice president of the United Arab Emirates. However, the consortium pulled out last year following strong opposition from the UK government, which launched legislation to block foreign state ownership of the British press. Under the deal, Abu Dhabi's IMI will take a minority stake of not more than 15% in the Telegraph as a member of the consortium. The sale must be approved by British regulators. RedBird has investments in soccer team AC Milan, the parent company of Liverpool football club and film production company Skydance. Telegraph Media Group chief executive Anna Jones said that 'RedBird Capital Partners have exciting growth plans that build on our success — and will unlock our full potential across the breadth of our business.' The Spectator was sold separately in September to British hedge fund investor Paul Marshall.
Euronews
26-05-2025
- Business
- Euronews
US investment firm Redbird plans to buy Britain's Telegraph newspaper
A consortium led by US investment firm RedBird Capital Partners has agreed to buy the publisher of Britain's 170-year-old Daily Telegraph newspaper for about £500 million (€595.5m), the two sides said on Friday. RedBird said it has reached an agreement in principle to become the controlling owner of the Telegraph Media Group, ending a lengthy takeover saga for the conservative-leaning newspaper. Gerry Cardinale, founder and managing partner of RedBird, said the sale 'marks the start of a new era for The Telegraph, as we look to grow the brand in the UK and internationally, invest in its technology and expand its subscriber base.' The Telegraph group, previously owned by Britain's Barclay family, was put up for sale two years ago to help pay off the family's debts. It publishes the daily and Sunday Telegraph newspapers and weekly newsmagazine The Spectator, which are all closely allied to Britain's Conservative Party. In 2023, there was an offer to buy the publications from RedBird IMI, a consortium backed by RedBird Capital Partners and Sheikh Mansour bin Zayed Al Nahyan, a member of Abu Dhabi's royal family and the vice president of the United Arab Emirates. However, the consortium pulled out last year following strong opposition from the UK government, which launched legislation to block foreign state ownership of the British press. Under the deal, Abu Dhabi's IMI will take a minority stake of not more than 15% in the Telegraph as a member of the consortium. The sale must be approved by British regulators. RedBird has investments in soccer team AC Milan, the parent company of Liverpool football club and film production company Skydance. Telegraph Media Group chief executive Anna Jones said that 'RedBird Capital Partners have exciting growth plans that build on our success — and will unlock our full potential across the breadth of our business.' The Spectator was sold separately in September to British hedge fund investor Paul Marshall. When talking about your salary in Europe, do you refer to the gross amount or the net figure? It's an important distinction as take-home pay can vary significantly from one country to another. The main reasons for these differences are variations in taxation and social security contributions. In some countries, family allowances also have a considerable impact. So, where do workers take home the most pay across Europe? And how much of your gross salary do you keep after taxes and deductions? The answer largely depends on whether you have dependent children and if your partner earns an income. In several countries, this can make you eligible for family allowances or even tax refunds. With this in mind, Euronews has examined three typical scenarios for 2024. These scenarios are based on individuals earning 100% of the average national wage. For those earning more or less than the average, the take-home ratio will differ accordingly. Net earnings represent the amount a person or household keeps after subtracting taxes and employee social security contributions from gross pay, and adding any family benefits for dependent children. In 2024, according to Eurostat, a single person without children in the EU takes home, on average, 68.6% of their gross salary. This means that if the average salary in your country is €1,000, you keep €686, while €314 goes to taxes and social security contributions. Among 31 countries—including all EU member states plus Switzerland, Norway, Iceland, and Turkey—the take-home pay ratio (annual net earnings as a percentage of gross earnings) ranged from just 60.3% in Belgium to 84.4% in Cyprus. Seven countries offered less than two-thirds of gross pay as take-home income. Besides Belgium, they included: Lithuania (61.8%), Germany (62.6%), Romania (63.1%), Denmark (64.3%), Slovenia (64.4%) and Hungary (66.5%). In ten countries, workers can take home at least three-quarters (75%) of their gross earnings, making them the best places in Europe for higher net pay. The ratio exceeds 80% in Cyprus and Switzerland. Other countries on the list include Estonia (79.5%), Czechia (79%), Bulgaria (77.6%), Spain (77.5%), Sweden (76.9%), Slovakia and Poland (both 75.9%), and Portugal (75%). By comparison, the take-home rate is 71.9% in France and 69.6% in Italy. For one-earner couples with two children, take-home pay ratios shift significantly in some countries, while in others they stay close to the level for single individuals without children. Across the EU, the average take-home rate is 82.6%, ranging from 70.4% in Romania to 107.1% in Slovakia, followed by 102.5% in Poland. In these two countries, net earnings actually exceed gross earnings. This is not only due to family allowances but also the implementation of a 'negative income tax,' which provides extra financial support and reflects strong family-friendly policies. The ratio is also above 90% in Switzerland, Czechia, Luxembourg, and Portugal. At the lower end, aside from Romania, it falls below 75% in Turkey, Denmark, and Finland. The largest increases compared to single individuals without children were seen in Slovakia (+31.2 percentage points), Poland (+26.6 pp), Luxembourg (+22.4 pp), and Belgium (+19.8 pp). The rate remained unchanged in Turkey, while the smallest increases were recorded in Greece (+2.4 pp), Cyprus (+4.3 pp), Finland (+4.6 pp), Norway (+4.8 pp), and Sweden (+5.9 pp). On average, a two-earner couple with two children in the EU takes home 73.6% of their gross earnings, with the rate ranging from 65.8% in Belgium to 88.9% in Slovakia. Compared to single individuals without children, the take-home rate remains unchanged in Turkey and Greece. The highest increase was recorded in Slovakia, at 13 percentage points. In only eight countries, the rise exceeded 5 percentage points, suggesting that family allowances for households with children often do not lead to a significant boost in take-home pay. Would you be more interested in actual salary figures rather than just ratios? In 2024, in the EU, a single person without children earning 100% of the average salary takes home €29,573 out of a gross €43,105. Switzerland is an outlier in both gross and net salaries, with figures exceeding €100,000 and €85,000 respectively. In this scenario, annual net earnings exceeded €50,000 in Iceland and Luxembourg, while Bulgaria (€11,074) and Turkey (€11,440) recorded the lowest net salaries. In five additional countries, net earnings surpassed the €40,000 mark, including the Netherlands, Norway, Denmark, Ireland, and Austria. Annual net earnings for a one-earner couple with two children ranged from €11,440 in Turkey to €98,835 in Switzerland, while the EU average was €35,656. In the two-earner couple with two children scenario, net earnings or salaries ranged from €22,880 in Turkey to €178,553 in Switzerland, with the EU average at €63,523. All these actual figures also indicate the level of income inequality across Europe. For a detailed comparison of annual net earnings—including purchasing power standards—across Europe, check out our full article, entitled: "Top earners in Europe" Curious about how real wages changed in 2024 compared to 2023? Our article 'Where Did Real Wages Rise and Fall the Most in Europe in 2024?' takes a closer look at the shifts—adjusted for inflation.
