The refinancing sees Elliott representatives step down from AC Milan’s board, simplifying the club’s governance structure as RedBird consolidates full control ahead of long-term infrastructure plans.
RedBird Capital Partners has completed a refinancing of AC Milan which removes acquisition-related debt tied to the club’s 2022 takeover and consolidates the US investment firm’s position as the club’s sole control owner.
The transaction, announced on January 30, refinances vendor financing originally provided by entities advised by Elliott Advisors UK when RedBird acquired the Serie A club, replacing it with new institutional debt arranged by Comvest Credit Partners.
While financial terms were not disclosed, the refinancing effectively removes Elliott from AC Milan’s capital structure and brings an end to the financial arrangements put in place during the change of ownership three years ago.
As part of the transaction, Elliott Managing Partner Gordon Singer and Associate Portfolio Manager Dominic Mitchell will step down from AC Milan’s board. No other changes have been made to the club’s board or management team.
“Over the past three years, we have worked to consistently strengthen AC Milan’s financial and sporting performance, returning the club to profitability and building a strong, more sustainable foundation for its future,” said RedBird Managing Partner and AC Milan owner Gerry Cardinale.
“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.”
From acquisition financing to long-term ownership
When RedBird Capital Partners acquired AC Milan in 2022, Elliott retained a financial interest through vendor financing linked to the sale. That structure is relatively common in large sports transactions, but it can leave former owners with continued influence over governance and strategic decisions.
By refinancing that debt through a third-party institutional lender, RedBird has removed those residual ties and simplified the club’s ownership and financing structure.
The departure of Elliott’s representatives from the board reflects that shift, leaving RedBird with full control over governance while maintaining continuity in day-to-day management and football operations.
Stability and flexibility at a key moment
The refinancing comes as AC Milan continues to balance sporting ambition with financial sustainability, following several seasons of improved performance both on and off the pitch.
The club has won two major trophies since Elliott acquired it in 2018, including the 2021/22 Serie A title, and has worked to stabilise its finances amid wider cost pressures across European football.
Singer said Elliott was “proud of what AC Milan has accomplished” during its period of ownership and subsequent involvement, adding that both financial and sporting performance had improved significantly over that time.
For RedBird, the move also provides greater flexibility as the club progresses plans linked to the San Siro stadium project, which Cardinale referenced as a key part of AC Milan’s long-term trajectory. Large-scale infrastructure development typically requires patient capital and predictable financing structures, both of which are easier to manage without acquisition-era debt on the balance sheet.
