"RedBird Capital want to close a deal Comvest soon and pay off the vendor loan from Elliott Management, further reports have confirmed. La Gazzetta dello Sport report this morning that Milan's corporate history could be enriched by a new chapter, to be added by March. The financial timeline is clear: projects and objectives are planned quarter by quarter. RedBird plan to refinance its current debt with Elliott Management, and the goal is to settle it by the first quarter of the year, i.e., by March. From New York, RedBird and Elliott's main operational headquarters, Milan's interests would extend to a broader area: Central and North America."
"Elliott's successor would be Manulife Comvest, an investment firm based in Toronto, Canada. Cardinale has long been considering how to repay early the €489m debt, plus interest, granted by the Elliott fund and due in 2028. The advantage of relying on Comvest would be two-fold: extending the repayment period and simultaneously lowering interest rates, a fairly common operation in the financial sector. RedBird, along with Cardinale and his men, would thus remain in charge of the club."
RedBird Capital plans to close a deal with Comvest and refinance the vendor loan provided by Elliott Management, aiming to settle the debt by March. The refinancing would extend the repayment period and lower interest, allowing RedBird and Cardinale to remain in charge of the club and pursue a longer-term project emphasizing stability and continuity. Elliott's successor would be Manulife Comvest of Toronto. Cardinale faces an outstanding vendor loan of €489m plus interest, originally extended in December 2024 until July 2028 and increased by accrued interest. Milan's enterprise value was set at €1.2bn after the 2022 purchase, and Comvest is attracted by three consecutive profitable financial years.
Read at SempreMilan
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