The signings on the paperwork are done and the closing of the deal between RedBird and Elliott will be done in September. The new majority ownership of AC Milan are in fact still doing some fundraising, that is to say they are looking for capital, and it is almost certain that they will succeed because they have already received the commitments from their partners and co-investors.
600 million euros are already collected by Redbird. But, 300 million more is needed. To arrive at the valuation given to Milan of 1.2 billion, there is therefore a shortage of 300 million which will be a vendor loan: Elliott (the seller) will provide this fee. Initially it was thought that this loan should amount to 600 million, but Cardinale has found another 300 million from fundraising and therefore now the Singer fund will have to put only half of it, as written by Milannews.it who cite Il Sole 24 Ore.
As for the interest rate on this loan, it is based at 7% but there will be an additional 8% in 'PIK' (Payment In Kind).
