Agreement between Cardinale and Singer on the vendor loan: deadline moved from August 2025 to July 2028. Now the principal amount of the loan has dropped to 489 million. Scaroni: “Property with long-term commitment”
Journalist
December 20, 2024 (changed at 11.58pm) – MILANO
It was an option that the club had been working on for some time, and now it has been made official: eight months ahead of the deadline, RedBird and Elliott have found an agreement to refinance the loan given by the Singers (in technical terms: vendor loan) when Cardinale's fund acquired the club, moving the deadline from August 2025 to July 2028. And, at the same time, RedBird made a further investment of 170 million euros, an injection which reduces the principal amount of the loan to 489 million. The vendor loan it had been 550 million and next August the interest would have increased it to 693.
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the statement
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This is the statement from the Rossoneri club: “AC Milan informed today that a refinancing of the Vendor Loan held by vehicles managed by Elliott Advisors UK Limited (“Elliott”) has been completed. The refinancing with Elliott, in its exclusively position as financier, includes a further investment of €170 million by AC Milan's owners, RedBird Capital (“RedBird”), which reduces the principal amount of the loan to €489 million, with a maturity now set in July 2028. Paolo Scaroni, President of AC Milan, commented: 'Over the last few years, AC Milan's financial position has steadily grown and strengthened under the leadership of RedBird, an owner with long-term commitment was carried out to ensure the stability of our iconic club, position it for sustainable operational success and nurture the Rossoneri's legacy, tradition and values.”
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