"He confirms that Cardinale's presence in Milan does not herald any revolutions in the club's governance, a possibility that has been the subject of speculation in recent days, nor is it linked to the refinancing of the vendor loan currently underway at the higher level. Once the operation is concluded, Elliott and RedBird will go their separate ways. Presumably, the new financier (Manulife Comvest) will take the board seats currently occupied by Elliott directors Singer and Mitchell, as Oaktree did when it financed Steven Zhang's loan."
"However, it is out of the question that they would try to redesign the club's governance. Milan are owned by RedBird, and no owner would accept being placed under special administration by a financier, even an important one. In recent years, the decision to appoint Furlani and Cocirio as CEO and CFO respectively - both of whom were already on the AC Milan board of directors when Elliott was the owner - has fuelled some talk of their exit."
RedBird Capital Partners are refinancing the vendor loan, which will lead to Elliott Management representatives leaving the AC Milan board and separate paths for Elliott and RedBird. Gerry Cardinale visited Milan but his presence does not signal changes to club governance or link to the refinancing. Manulife Comvest is expected to replace Elliott directors Singer and Mitchell on the board, mirroring Oaktree's earlier financing role. No financier will redesign governance because RedBird owns the club and would not accept special administration. Giorgio Furlani's CEO term, originally expiring end-2025, has been extended by three years, with the club stating stability, continuity, and unity between ownership and management.
Read at SempreMilan
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