GdS: Elliott to ‘exit the scene’ at Milan – Cardinale confident of refinancing within months

Gerry Cardinale is working on refinancing to repay early the €489m vendor loan, plus interest, granted by Elliott Management and due in 2028.

As La Gazzetta dello Sport report this morning – following on from what La Verita and Mateo Moretto said on Sunday – the transaction has begun and could be completed within a few weeks.

RedBird refinance loan

RedBird will be provided with the funds needed to repay the Singer family by a pool of investors who see Milan as an attractive opportunity, given its three consecutive years of profit and the stadium deal being secured.

Cardinale purchased Milan in the summer of 2022, after the club’s last Scudetto victory, giving the club an enterprise value of €1.2bn. The equity value was €1.15bn: €600m was paid by RedBird to the Singer fund, while €550m was loaned (with the corresponding interest rate) by the seller to Cardinale.

The vendor loan was extended in December 2024 until July 2028 with a further investment from RedBird and a debt reduction of €489m. Cardinale is now confident that the deal could be finalised by the end of the season.

It remains to be seen if this will lead to changes at a corporate level, such as potentially a new CEO, something that Moretto mentioned in his update.