RedBird complete AC Milan refinancing

AC Milan owner RedBird Capital Partners has completed a refinancing designed to strengthen the club’s capital structure and provide long-term financial flexibility, replacing acquisition-related vendor financing that dates back to RedBird’s takeover in 2022. The club confirmed the transaction refinances the vendor financing originally provided by entities advised by Elliott Advisors UK Limited and replaces it with new institutional debt financing arranged by Comvest Credit Partners. Gerry Cardinale, RedBird’s managing partner and president owner of AC Milan, said the refinancing followed three years of work aimed at improving sustainability on and off the pitch. “Over the past three years, we have worked to consistently strengthen AC Milan’s financial and sporting performance," Cardinale said, "returning the Club to profitability and building a strong, more sustainable foundation for its future."Our ownership of AC Milan is driven by a long-term commitment to the Club, its leadership in the city of Milan and its heritage as one of the most successful European football clubs in the world. “With the San Siro project now underway, we are even more confident in the Club’s trajectory and our ability to support its continued growth and success. We will continue to identify opportunities to enhance value while elevating AC Milan and the city of Milan on the world stage.” As part of the refinancing, Elliott managing partner Gordon Singer and associate portfolio manager Dominic Mitchell will step down from the AC Milan board. The club confirmed there are no other changes to the board or management team, which it framed as preserving continuity in governance and operational oversight.Singer said: “We are proud of what AC Milan has accomplished since Elliott acquired the Club in 2018. Under Elliott’s ownership and subsequently RedBird’s, the Club’s financial and sporting performance have improved significantly and the team has won two major trophies, including the 2021/22 Scudetto. "The stewardship of a historic institution like AC Milan is an important responsibility, and we wish RedBird continued success in the future.” The new refinancing follows earlier work on the club’s acquisition-related debt.In December 2024, AC Milan announced it had refinanced a vendor loan held by entities advised by Elliott, with an additional €170 million investment by RedBird reducing the principal amount of the loan to €489 million and extending maturity to July 2028. At that time, AC Milan chairman Paolo Scaroni said: “Over the course of the past few years, AC Milan’s financial positioning has steadily grown and strengthened under the guidance of RedBird, a committed owner for the long-term. "Significant work has been done to ensure the stability of our iconic club, position it for sustainable operational success and uphold the legacy, tradition and values of the Rossoneri.” AC Milan’s ownership structure was set in August 2022 when RedBird became the controlling owner, with the club also noting that New York Yankees joined as a minority investor as part of that acquisition.