Key facts
- RedBird Capital Partners has completed a refinancing deal for AC Milan, replacing debt owed to Elliott Advisors.
- The new financing comes from Comvest Credit Partners.
- Elliott Managing Partner Gordon Singer and Associate Portfolio Manager Dominic Mitchell will depart the AC Milan Board of Directors.
- The deal effectively pays off the remaining €489 million owed to Elliott.
- The new financing is reportedly a PIK loan of around €650 million maturing in 2030.
RedBird Capital Partners has finalized a significant refinancing for its ownership of AC Milan, effectively ending the financial ties and board presence of Elliott Advisors. The deal, which saw RedBird acquire the Italian football giant for €1.2 billion in August 2022, was initially facilitated by a substantial vendor loan from Elliott. This new refinancing, secured from Comvest Credit Partners, replaces the previous debt with a reported €650 million PIK loan maturing in 2030, providing AC Milan with enhanced financial flexibility and a stronger foundation for future growth, including plans for a new stadium.
The departure of Elliott Managing Partner Gordon Singer and Associate Portfolio Manager Dominic Mitchell from the AC Milan Board of Directors marks the complete exit of the activist fund from the club's governance. Elliott is credited with stabilizing AC Milan's operations and leading them to a Serie A title before RedBird's acquisition. RedBird's founder, Gerry Cardinale, emphasized a long-term commitment to transforming AC Milan into a global sports, media, and entertainment powerhouse.