Milan and Mr. Bee

I've lived the news about the acquisition of a minority part of the property of AC Milan quietly. I think a good competition requires good competitors and if Juventus has found in the new Stadium a good source of resources while Inter and Rome are trying to improve their brands with a new economic approach, it's good that Milan and Silvio Berlusconi have found a new partner to make more competitive their team.
That's only a few things that aren't clear on me.

1) The Milan value
Every newspaper in Italy talk about sums of money as if we lived in a world with only one currency.
According to Forbes (1) the value of Milan is $775M.
According to some newspaper (2) the 48% of Milan has been sold for €480M.
This only means that Berlusconi is a financial master and Mr. Bee and his partners aren't so smart as they think. Why? With the actual currency rate, 775 milions of dollars are around 687 milions of euros. While 480 milions of euros are around 541 milions of dollars.
This means that, according to Forbes, the value for the 48% of Milan is about $372M (329 milions of euros). Paying €480M Mr. Bee and his partner have paid the 48% more than the real value of the company.

2) Thinking as an investor
Financially speaking there are other simple questions: AC Milan has a revenue of €250M (and without the Champions' League is possible that this amount will drop), a percentage of debt/value of 44%, it needs frequent ricapitalizations and, furthermore, it doesn't have its own Stadium. Thinking as an investor, why should I pay an huge amount of money, moreover paying the 48% more than the real financial value, to have the minority in the company?
Let's imagine we are in the boardroom and we must take a decision for improve the incomes.
I have just invested €480M and I think we must organize a tour in China with the first team on Christmas, beacuse with this act AC Milan could improve the prestige of its brand and could sell a lot of merchandising and I could earn a lot of money with some satellite activities, but in the boardroom Berlusconi stops my idea because he doesn't like it. Is that possible? Yes, it is.

Carlo Festa (3), a "Sole24ore" journalist, wrote something similar: «The only reason I found is that in the contract exists some put call options to put Mr. Bee in the majority in one year. Without this provision, 480M spent to buy the 48% of Milan doesn't make any sense, financially speaking».

3) Why Milan?
In this particular moment, a lot of big society can be bought with less than €480M. I mean, the 100% of them. According to Forbes, we can see that teams like Inter, Atletico de Madrid, Napoli, Galatasaray have a value lower than that sum, but a lot of other teams aren't in the list (there are only the 20 richest companies) and they can be easily bought. So, why do Milan? Why in this moment when the economical situation is very bad and its prestige is getting back to the time before Berlusconi?

Anyway, these are just some questions and Andrea Agnelli, President of Juventus, has shown the some doubts (4): «We read impressive numbers, but we don't know if they are real, and when I see the numbers in the balance sheets I can't see a correspondence with that number».
In the world of business investors make their analysis before proceeding with an acquisition of with a merge so I think this is only the first step towards something that now it's difficult to see if we are not one of them. For the moment, good for Milan supporters because will see good players playing with the rossoneri shirt, and good for the Serie A as well because another competition as the last year isn't desiderable.
We need more stronger competitors to make the Serie A league stronger against the Premier League and the League and investors as Mr. Bee are welcome.

If the agreement with Mr. Bee is real we must admit that this man is a master.

Sources:
(1) http://www.forbes.com/teams/ac-milan/
(2) http://www.gazzetta.it/Calcio/Serie-A/Milan/05-06-2015/milan-blitz-notturno-ad-arcore-mr-bee-ma-silvio-ha-detto-no-offerta-12046027175.shtml
(3) http://carlofesta.blog.ilsole24ore.com/2015/06/07/le-tante-domande-senza-risposta-dellaccordo-bee-berlusconi-sul-milan-e-quei-480-milioni-in-cerca-dautore/
(4) http://www.gazzetta.it/Calcio/Serie-A/Juventus/08-06-2015/agnelli-juve-straordinaria-noi-finali-champions-ci-arriviamo-12080838134.shtml