CF: ‘Loan under the tree’ – Cardinale seeking €600m for vendor loan repayment

When Gerry Cardinale bought AC Milan, a vendor loan was agreed for the repayment. However, it is a topic of interest currently.

In recent months, the vendor loan in particular has been a big focus for everyone around Milan. There have been several suggestions that the club may be sold, but these suggestions have been untrue and shut down on each occasion.

Instead, it seems that RedBird and Cardinale are seeking aid in repaying Elliott for the vendor loan, after it was refinanced, and this is what has been discussed for some time now.

Refinancing the loan

As Calcio e Finanza writes, via Calciomercato.com, the management are seeking a loan of around €500-600 million, which would be used to refinance the loan from Elliott, which currently is worth around €523m due to interest.

The dream this Christmas is that a loan is waiting underneath the tree, but what that would entail after the refinancing remains to be seen.

Gerry Cardinale and Gordon Singer [Elliott]

This operation is not a recent one, either. In fact, RedBird have been seeking a loan to pay off the vendor loan since 2022. However, with the recent refinancing agreement with Elliott, there is hope that the funds can arrive.

In other words, there is no movement towards a sale, but rather the refinancing of the loan.