When in the summer of 2022 Milan was sold by the Elliott Fund to RedBird Capital and Partners, the new owners of the Rossoneri benefited from a vendor loan: a common practice in high finance in which the selling company provides a loan, subject to a certain type of interest rate, to be repaid in the following years. Exactly one year ago, Gerry Cardinale’s company extended this loan until July 2028, restructuring it to an amount that by June 2025 had reached 523 million euros.
Today, PitchBook, a portal specializing in private equity, venture capital, private credit, and M&A, reported that RedBird Capital and Partners is seeking an investment of 600–700 million dollars, with the goal of paying off the debt to Elliott.
Among the lenders interested in this type of operation is Comvest Credit Partners, ready to provide a loan with 100% Payment-in-Kind (PIK): in simple terms, this means that Milan would not have to pay interest every month or year, the interest itself is added to the total debt, and everything is paid at the loan’s maturity, as relayed via Milan News.
