AC Milan Inks Major Recapitalization Deal with Manulife | Comvest

WEST PALM BEACH, Fla. – February 26, 2026 – Italian football powerhouse AC Milan has secured a significant financial restructuring, with Manulife | Comvest Credit Partners announcing it is acting as the administrative agent on a new credit facility for the club. The deal, orchestrated in partnership with owner RedBird Capital Partners, recapitalizes the club's existing debt and marks a pivotal moment in RedBird's strategy to restore the historic club to the zenith of European football.

The transaction, reportedly valued at €700 million ($832 million), replaces a vendor loan originally provided by former owner Elliott Management during RedBird’s acquisition of the club in 2022. This move consolidates RedBird's financial control over the Rossoneri, streamlining governance and providing the financial firepower needed to accelerate ambitious growth plans, including the development of a new state-of-the-art stadium.

RedBird's Strategic Overhaul Solidified

This recapitalization is far more than a simple balance sheet adjustment; it is a strategic masterstroke by RedBird founder Gerry Cardinale. By replacing the vendor loan from Elliott Management, RedBird has effectively removed its predecessor's lingering influence, including representation on AC Milan's board. This gives Cardinale's firm undivided control to implement its long-term vision for the club, unencumbered by the complexities of the previous financing structure.

RedBird's strategy extends well beyond the pitch. Cardinale views iconic sports franchises like AC Milan as premium intellectual property (IP) with vast, untapped monetization potential. The firm's investment thesis is built on transforming the club into a global entertainment and lifestyle brand. This multi-pronged approach involves enhancing commercial revenues through strategic partnerships, such as its existing alliance with the New York Yankees, and evolving AC Milan into a modern media company that leverages its rich content and global fanbase.

A cornerstone of this vision is the construction of a new stadium. The project is seen as essential for unlocking significant new revenue streams, improving the fan experience, and closing the infrastructure gap with other top European clubs. The financial flexibility afforded by the new credit facility from Manulife | Comvest is a critical enabler for this capital-intensive endeavor, providing a stable foundation for the long-term investment required.

The Rising Tide of Private Credit in Sports

The AC Milan deal is a high-profile example of a powerful trend reshaping sports finance: the growing influence of private credit. As traditional banks have become more cautious in their lending to the sports sector, private credit platforms like Manulife | Comvest have stepped in to fill the void, offering sophisticated and flexible capital solutions.

These firms are increasingly drawn to the sports industry, viewing major franchises as stable, high-growth assets with predictable cash flows derived from media rights, sponsorships, and passionate fanbases. For lenders, the unique collateral of sports IP and long-term contracts presents an attractive opportunity. For clubs, private credit offers a vital alternative to public markets or restrictive bank loans.

The key advantages for sports organizations include greater confidentiality, reduced syndication risk, and highly tailored loan structures. Private lenders often possess deep sector knowledge and can craft bespoke financing packages that accommodate specific needs, such as delayed-draw lines for stadium construction or acquisition funding. While this flexibility often comes at a higher cost of capital compared to traditional loans, it provides the speed and adaptability required for complex, large-scale transactions in the fast-moving world of professional sports.

A Financial Turnaround Fuels On-Field Ambition

Under RedBird's stewardship, AC Milan has undergone a remarkable financial transformation. The 2024/25 fiscal year marked the club's third consecutive season of profitability, with a reported net profit of €3 million—a stark contrast to the 17 years of losses that preceded the current ownership era. The club posted record revenues of €494.5 million, a 10% year-over-year increase, driven by strong growth in commercial income and player trading.

This financial health has directly translated into on-field investment, with over €250 million spent on player acquisitions in the last two seasons. According to the 2025 Deloitte Football Money League, AC Milan ranks as the top club in Italy and 13th in Europe by revenue, a testament to its resurgent commercial power.

The new financing arrangement is set to bolster this positive trajectory. Nick McClelland, a Partner and Co-Head of Consumer and Retail at Manulife | Comvest Credit Partners, highlighted the club's enduring appeal in the official announcement. "AC Milan is a 126-year-old globally recognized brand and a leader in European football, supported by an entrenched fan base," he stated. "This investment reflects our ability and commitment to leading financings for sports franchises globally. We look forward to further strengthening our partnership with the RedBird team in support of AC Milan's continued growth."

With its financial house in order and a clear strategic path forward, AC Milan is now positioned to build upon its recent successes. The recapitalization provides the stability and resources necessary to compete for trophies while simultaneously executing a long-term business strategy designed to secure its place as a modern global powerhouse.