Journalists Carlos Passerini and Monica Colombo commented in Corriere della Sera on AC Milan’s corporate changes:
“The Elliott fund is moving toward exiting Milan. It had been expected for months, but an acceleration seems underway. It could be replaced by Manulife Comvest, another private North American investment firm founded in 2000. The name, along with Apollo Sports, was mentioned in December by PitchBook, a site specializing in private equity, and by Calcio e Finanza. At that time, talks were ongoing, and in the meantime, especially with Comvest, there has been further due diligence. However, a final agreement is still lacking, particularly regarding the terms of the new party’s entry, that is, whether it will participate merely as a refinancer or as a shareholder. What is certain is that the owner of the Rossoneri, Gerry Cardinale, is seeking financing of around $600–700 million (between €500 and €600 million) to replace and prepay the €489 million vendor loan plus interest granted by the Elliott fund."
"The change could lead to shifts within the governance structure, starting with the board of directors. A strong candidate in the new organization could be Massimo Calvelli, former CEO of ATP Tennis, an experienced professional who joined RedBird in July 2025 as an operating partner and became part of Milan’s board of directors in November.”
