"This afternoon, news has emerged about the deal between AC Milan, RedBird, Comvest and Elliott Management, which will see the club change hands. When RedBird first arrived at Milan, they did not fully purchase the club. Instead, Gerry Cardinale paid around half of the price, with the rest paid in the form of a vendor loan. Of course, this is completely normal in a transaction of this size."
"However, paying back that loan has not been as straightforward, and there have been several rumours about the future. With Cardinale looking for investors, there have been regular suggestions that the club could be sold already. Though, these ideas have been shut down quickly whenever they have arisen. Now, though, it appears that Cardinale and RedBird have found investment, and it will arrive from Manulife Comvest, a company that allows for greater credit strategies and direct lending, as opposed to going through a bank."
RedBird initially bought around half of AC Milan with the remainder provided via a vendor loan from Elliott Management. Repayment of that loan has proved complex, prompting investor searches and recurring speculation about a sale. RedBird has secured investment from Manulife Comvest in the form of direct lending, with a loan of around €650 million reportedly agreed and completion targeted in March. Comvest would replace Elliott as the lender, extending repayment time and lowering interest rates in a common refinancing move. Elliott's influence would cease, potentially allowing RedBird to replace figures such as Giorgio Furlani.
Read at SempreMilan
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