La Verità: Cardinale close to repaying Elliott vendor loan – Furlani’s position in question

AC Milan could be set for some big changes at corporate level, with RedBird Capital apparently close to paying off their vendor loan.

According to La Verita (via MilanNews), after nearly three and a half years, the €489m vendor loan soap opera is nearing its end. They claim that Gerry Cardinale has long been seeking a financial institution willing to repay the loan, which has since reached €566m with interest.

According to the newspaper’s sources, the Italian-American entrepreneur is close to finding a solution, although it’s still unclear who is behind the deal. In recent days, there has been talk of the Manulife Comvest group and also Apollo Sports Capital, who have a majority stake in Atletico Madrid.

Changes afoot?

If the loan were to be paid off in full, there could be significant repercussions, especially on Milan’s corporate structure and the chain of command currently in place.

There would almost certainly be a convening of a board of directors regarding the new financial situation and the consequent release of the pledge that Sheva Investments Limited holds on Milan.

If RedBird were to repay its debt to Elliott Management, many of the figures currently employed by Milan could vacate their positions. The first would obviously be Dominic Mitchell and Gordon Singer, but the current CEO Giorgio Furlani could be the subject of some discussion.

Who would replace him? Over the past few months, Damien Comolli – now at Juventus – has been discussed, but the hot name is Massimo Calvelli, former CEO of the ATP, who joined RedBird in June 2025.