Cardinale reduces the principal amount of the loan to 489 million and spreads it until 2028
Who thought (or perhaps hoped, given the widespread protest) that Gerry Cardinale would leave Milan shortly he will have to redo his accounts. Given that the nature of a fund like RedBird (which manages other people's money) is to maximize the profits of its investments (and therefore, if and when the conditions are advantageous, a sale of the club valued at 1.2 billion in August 2022 , it may even arrive), for the moment the news is that the loan provided by Elliott when purchasing Milan has been refinanced eight months in advance on the expiry date. Cardinale paid another 170 million and respread the (reduced) portion of the loan of 489 million from 2025 to 2028. The vendor loan (this is what the loan provided by the seller to the buyer is technically called)
Here is the club's statement:
«Ac Milan today informed 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 sole 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 time set for July 2028.”
Scaroni's statements
Paolo Scaroni, resident of Ac Milan, commented: «Over the last few years, the financial positioning of Ac Milan 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.”
(updating)
December 20, 2024 (changed December 20, 2024 | 7:14 pm)
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