Milan, Cardinale refinances debt with Comvest: Elliot leaves the board of directors

Shareholder RedBird Capital Partners has completed the refinancing of the debt signed with Elliott to acquire AC Milan in 2022. The Singer family fund's vendor loan is replaced by RedBird with a new institutional loan structured by Comvest Credit Partners. The total amount covered by the deal is €550 million.

Following the completion of the transaction, Elliott's managing partner, Gordon Singer, and associate portfolio manager, Dominic Mitchell, will leave the board of AC Milan. No new board members are expected to join the board at this time, and no further changes to the board or management have been made to ensure the continuity of the club's governance and operations.

Comvest is a medium-sized lending platform focused on financing North American companies with a value between EUR 50 million and EUR 500 million. Last November, it was taken over by the Canadian insurance group Manulife. Comvest has three offices in the US: one in New York, one in Chicago and one in Florida in West Palm Beach.