Scaroni and Furlani Confirmed in Management. The Two Representatives of the Singer Fund Leave the Board. The Refinanced Amount Is 550 Million

The acceleration of recent days has yielded a breakthrough: RedBird has completed the refinancing of the debt that tied it to the Elliott fund, which has been fully repaid. The transaction refinances the vendor loan (i.e., the loan granted by Elliott to RedBird at the time of the club’s sale), replacing it with a new 550 million euro facility structured by Comvest Credit Partners. A scenario that initially seemed likely to take shape by March, but which then made a decisive leap forward over the course of the week. By relying on Comvest, RedBird gains the advantage of extending repayment terms while simultaneously lowering interest rates. Following a previous review of the transaction, the remaining debt of Gerry Cardinale’s fund had been reduced in December 2020 to a principal amount of 489 million (with the maturity extended to July 2028); however, interest accrued to date must be added to this, bringing the total to over half a billion. Elliott is exiting and Comvest is stepping in, a Toronto-based investment firm. The Rossoneri’s management will remain unchanged: Scaroni as president and Furlani as CEO. During the Rossoneri board meeting the other day, the imminent green light was outlined to the directors. Gordon Singer and Dominic Mitchell, directors representing Elliott, are evidently set to leave the board.

“RedBird Capital Partners announces that it has successfully completed the refinancing transaction that strengthens AC Milan’s financial structure and consolidates its long-term flexibility,” reads the Rossoneri club’s press release. “The refinancing aligns the Club’s capital structure with RedBird’s long-term strategic and operational objectives as the sole controlling shareholder of AC Milan. Following the completion of the transaction, Elliott’s Managing Partner, Gordon Singer, and Associate Portfolio Manager, Dominic Mitchell, will leave the Board of Directors of AC Milan. No further changes have been made to the Board or management, ensuring continuity in the Club’s governance and operational management.” Gerry Cardinale, owner and president (an Anglo-Saxon title distinct from chairman, a role held by Scaroni), stated: “Over the past three years, we have worked to consistently strengthen Milan’s financial and sporting performance, returning the Club to profitability and building a more solid and sustainable foundation for the future. Our commitment to Milan is guided by a long-term vision for the Club, its leadership role in the city of Milan, and its historic legacy as one of the most successful European clubs in the world. With the new stadium project at San Siro now underway, we look with even greater confidence toward the Club’s trajectory and our ability to support its growth and success. We will continue to identify opportunities to create value over time, helping to strengthen the profile of Milan and the city of Milan around the world.” Gordon Singer also spoke: “We are proud of what Milan has achieved since Elliott acquired the Club in 2018. Under the leadership of Elliott and subsequently RedBird, the Club’s financial and sporting performance has improved significantly, and the team has won two major trophies, including the 2021-22 Scudetto. Managing a historic institution like Milan is a great responsibility, and we wish RedBird continued success in the future.”

diverse ecosystem— Beyond official statements, the key factors driving satisfaction within the club center specifically on respect for the club’s history, Milan’s central role within RedBird’s diverse ecosystem, the development of the new stadium, and continuity in governance. In fact, regarding this last aspect, it is clear that Singer and Mitchell’s departure from the Board of Directors makes the board more streamlined and “lean” in its decision-making. At the same time, this refinancing is seen as confirmation of the project’s global credibility—that is, the credibility of RedBird and its founder.