"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."
"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."
"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."
RedBird repaid the vendor loan to Elliott Management after securing institutional financing from Comvest Credit Partners. The refinancing replaces the acquisition-related vendor financing originally provided by entities advised by Elliott Advisors UK Limited with new debt arranged by Comvest, featuring lower interest rates and a longer maturity. The new structure is intended to strengthen AC Milan's capital structure and improve long-term financial flexibility, aligning debt with RedBird's strategic and operational objectives as sole controlling 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.
Read at SempreMilan
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