Moretto confirms RedBird’s vendor loan strategy: “Something is changing in the Milan world”

Matteo Moretto has confirmed the news that emerged this morning regarding RedBird Capital’s intention to repay the vendor loan.

This morning, a report from the newspaper La Verità claimed that Gerry Cardinale is close to paying off the remaining balance owed to Elliott Management, which came via the method of a vendor loan from the latter to the former at the time of their takeover in 2022.

After nearly three and a half years, the €489m soap opera is nearing its end, at least as per the paper. They claim that Cardinale has long been seeking a financial institution willing to repay the loan, which has since reached €566m with interest, and he seems to have succeeded.

RedBird ‘close to repaying its debt’

Moretto spoke on Fabrizio Romano’s YouTube channel and he gave the information that he has regarding the potential changes at corporate level for Milan.

“At the beginning of the year [sporting], around the turn of the 2025-26 season, I told you about some important developments at the club. There were some important changes that are increasingly taking shape,” he began.

“There are rumours coming out from various quarters, and they are certainly rumors that we can confirm in a certain sense and that follow the line I had given you. Something is changing in the Milan world.

“From what we understand, RedBird, Cardinale, is actually trying to repay part of the debt, if not all of it, to Elliott. Cardinale is looking for financiers, and among those financiers, I can confirm the name of CONVEST. Clearly, it’s a slow process, but Cardinale has been working on it for quite some time, and we’re in an important phase.

“Let’s say that RedBird is close to repaying its debt, and therefore there could be some changes at the club closer to the end of the season. The movements surrounding this type of scenario are increasingly concrete, and the steps are increasingly decisive.”