4 days ago
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In the last few moments, it has been announced that RedBird have paid back the vendor loan to Elliott Management, after securing financing from Comvest.
Over the course of the past few years, it has been no secret that Gerry Cardinale and RedBird have been searching for investors to help pay off the vendor loan. However, the deal was refinanced in December 2024, with the parties agreeing to a new structure.
Since then, the rumours about investment have not died down, and in the past few weeks, suggestions about an interested party emerged.
RedBird refinance Milan loan
As we now know, that party is Manulife Comvest, and last night a feature was published about what their involvement could mean for the club. In short, the deal with Elliot has now been refinanced, with Comvest giving the Rossoneri the money to pay off the former owners.
As a result, the club will now owe money to Comvest, albeit with much better interest rates and a longer agreement date, which should ease a lot of the pressure.
The deal has now been confirmed by the club in a statement on their website, and reads the following.
“RedBird Capital Partners today announced the successful completion of a refinancing that strengthens AC Milan’s capital structure and long-term financial flexibility.
“The transaction refinances the acquisition-related vendor financing originally provided by entities advised by Elliott Advisors UK Limited (“Elliott”) in connection with RedBird’s acquisition of AC Milan and replaces it with new institutional debt financing arranged by Comvest Credit Partners.
“The refinancing aligns the Club’s capital structure with RedBird’s long-term strategic and operational objectives for AC Milan as the Club’s sole control owner.
“As part of the transaction, Elliott Managing Partner Gordon Singer and Associate Portfolio Manager Dominic Mitchell will step down from the AC Milan Board. No other changes have been made to the Board or Management team, preserving continuity in the Club’s governance and operational oversight.”
Words from Cardinale and Singer
Attached to the statement were words from Gerry Cardinale, the president of the club and RedBird’s managing partner, as well as some from Gordon Singer.
Cardinale: “Over the past three years, we have worked to consistently strengthen AC Milan’s financial and sporting performance, returning the Club to profitability and building a strong, more sustainable foundation for its future.
“Our ownership of AC Milan is driven by a long-term commitment to the Club, its leadership in the city of Milan and its heritage as one of the most successful European football clubs in the world. With the San Siro project now underway, we are even more confident in the Club’s trajectory and our ability to support its continued growth and success.
“We will continue to identify opportunities to enhance value while elevating AC Milan and the city of Milan on the world stage.”
Singer: We are proud of what AC Milan has accomplished since Elliott acquired the Club in 2018. Under Elliott’s ownership and subsequently RedBird’s, the Club’s financial and sporting performance have improved significantly and the team has won two major trophies, including the 2021/22 Scudetto.
“The stewardship of a historic institution like AC Milan is an important responsibility, and we wish RedBird continued success in the future.”
English (US) ·