AC Milan's New Dawn: RedBird Secures Refinancing, Elliott Exits Board

NEW YORK, NY – January 30, 2026

RedBird Capital Partners has officially tightened its grip on AC Milan, announcing today the successful completion of a major refinancing deal that solidifies its long-term strategy for the Italian football giant. The transaction replaces the lingering acquisition-related debt owed to the club's former owner, Elliott Advisors, with new institutional financing, marking a pivotal moment in RedBird's stewardship and signaling the complete departure of Elliott from the club's governance.

This financial maneuver is more than just a balance sheet adjustment; it represents the final step in a multi-year transition of power and strategy for the Rossoneri. By securing new debt from Comvest Credit Partners, RedBird has untethered the club from the financial arrangements of its 2022 acquisition and created what it calls a stronger foundation for future growth, most notably the ambitious plans for a new state-of-the-art stadium.

The End of the Elliott Era

The refinancing formally closes the chapter on Elliott Management's influential tenure at AC Milan. As a direct result of the deal, Elliott Managing Partner Gordon Singer and Associate Portfolio Manager Dominic Mitchell will step down from the AC Milan Board of Directors. Their departure removes the last vestiges of the activist fund's formal involvement, which began in 2018 when it took control of the club following the default of its previous Chinese owner, Li Yonghong.

Elliott is widely credited with rescuing the club from financial ruin, stabilizing its operations, and implementing a disciplined strategy that culminated in the 2021/22 Serie A title—the club's first in 11 years. When RedBird acquired AC Milan for €1.2 billion in August 2022, Elliott facilitated the deal by providing a substantial vendor loan, reported to be around €550 million, to RedBird itself. This loan, which carried a relatively high interest rate with a Payment-in-Kind (PIK) component, kept Elliott financially tied to the club and gave it a say on the board.

“We are proud of what AC Milan has accomplished since Elliott acquired the club in 2018,” said Gordon Singer in a statement, reflecting on the journey. “The stewardship of a historic institution like AC Milan is an important responsibility, and we wish RedBird continued success in the future.”

The move to replace this vendor loan was a strategic priority for RedBird founder Gerry Cardinale. The original agreement was set to mature in 2025, and though it was extended, the terms were less than ideal for a long-term holding. The new financing from Comvest, reportedly a PIK loan of around €650 million with a maturity date pushed to 2030, provides significantly more breathing room and aligns the club's capital structure with RedBird's vision.

A New Financial Foundation for Growth

The core of this transaction is financial engineering designed to unlock long-term value. By paying off the remaining €489 million owed to Elliott and securing a new, longer-term debt package, RedBird has enhanced AC Milan's financial flexibility. While the specific interest rates of the Comvest deal remain private, the move is understood to provide more favorable terms, reducing the immediate pressure on cash flow and allowing for more aggressive reinvestment into the club.

This restructuring is critical for RedBird’s overarching plan. Unlike a traditional owner, the private investment firm operates as a sophisticated asset manager, seeking to build high-growth companies. For AC Milan, this means transforming the club into a global sports, media, and entertainment powerhouse.

Gerry Cardinale, RedBird’s Managing Partner and President of AC Milan, emphasized this long-term view. “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,” he stated. “With the San Siro project now underway, we are even more confident in the Club’s trajectory and our ability to support its continued growth and success.”

Cardinale’s mention of the club's return to profitability underscores the progress made. The refinancing is not a rescue but an optimization, building on a period of financial and sporting recovery to launch the next phase of expansion.

The Stadium and Beyond: RedBird’s Blueprint

Central to RedBird's blueprint is the development of a new, 70,000-seat stadium. The project, which has shifted focus from a shared stadium with rivals Inter to a dedicated arena in the San Donato area, is the single most important lever for increasing club revenues and valuation. Modern stadiums generate massive income streams from premium seating, concessions, concerts, and other events—revenue AC Milan currently misses out on at the aging, city-owned San Siro. The financial stability afforded by the new debt structure is a crucial prerequisite for securing the massive financing required for such a construction project.

This strategy is consistent with RedBird's broader portfolio. The firm has a stake in Fenway Sports Group, the owner of Liverpool FC and the Boston Red Sox, which has successfully monetized its historic venues through modernization and expansion. It also owns French club Toulouse FC, where it has applied similar principles of financial discipline and strategic growth.

Furthermore, the plan involves leveraging RedBird’s extensive network. The partnership with the New York Yankees, who hold a minority stake in AC Milan, is designed to create commercial synergies, boost global brand visibility, and enhance media rights negotiations. This refinancing gives Cardinale a clear runway to execute this multifaceted strategy without the constraints of the previous ownership structure.

With Elliott's shadow fully lifted and a new, more flexible financial framework in place, RedBird is now in sole command of AC Milan's destiny. The firm has preserved continuity by keeping the existing management team, but the message is clear: the era of stabilization is over, and the era of ambitious, private equity-led growth has officially begun. The focus now shifts from resolving the past to building a lucrative and dominant future for one of world football's most storied clubs.