MILANO – New agreement between RedBird, the company that controls the majority of Milan, and the Elliott fund. An agreement that postpones the expiration of the vendor loan granted by the fund at the time of the transfer of the shares to the company Gerry Cardinale: the reference shareholder will pay, according to the note released by the two parties, 170 million, refinancing the loan received, which in exchange will expire only in 2028 and no longer in 2025.
Milan, agreement between RedBird and Elliott to refinance the loan
Leaving aside the legal jargon, the note is very clear: “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 position exclusively 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 time set for July 2028”.
Scaroni: “Stability guaranteed”
The president of Milan Paolo Scaroni commented: “Over the past few years, Ac Milan's financial position has steadily grown and strengthened under the leadership of RedBird, an owner with long-term commitment. Significant work has been 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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