This afternoon, news has emerged about the deal between AC Milan, RedBird, Comvest and Elliott Management, which will see the club change hands.
When RedBird first arrived at Milan, they did not fully purchase the club. Instead, Gerry Cardinale paid around half of the price, with the rest paid in the form of a vendor loan. Of course, this is completely normal in a transaction of this size.
However, paying back that loan has not been as straightforward, and there have been several rumours about the future. With Cardinale looking for investors, there have been regular suggestions that the club could be sold already.
Though, these ideas have been shut down quickly whenever they have arisen.
Comvest negotiations advanced
Now, though, it appears that Cardinale and RedBird have found investment, and it will arrive from Manulife Comvest, a company that allows for greater credit strategies and direct lending, as opposed to going through a bank.
As Calciomercato.com has learned, the amount loaned to the ownership will be around €650 million, and things could be agreed soon, with a completion date of March currently targeted.
If this agreement goes ahead, Comvest would then replace Elliott as the lenders, giving the Rossoneri longer to pay back the loan with lower interest rates, which is deemed to be a ‘fairly common operation’ in the financial sector.
As a result, the Elliott influence on the club would stop, and this could see members like Giorgio Furlani replaced by RedBird hires.
