February 3 – RedBird Capital Partners has tightened its grip on AC Milan, announcing the successful completion of a refinancing that will strengthen the club’s long-term financial flexibility.
Milan owners RedBird struck a deal to refinance a loan originally provided by Elliott Management in 2022 to complete their acquisition of the club.
Since then, the loan has accrued interest and in December 2024, RedBird and Elliott agreed to a partial refinancing, with the fund injecting an additional €170 million to reduce the outstanding principal to around €489 million and extend the maturity date to July 2028.
Now, Elliott managing partner Gordon Singer and portfolio manager Dominic Mitchell will step down from the Milan board, marking a clean break from the hedge fund era that began in 2018.
“For the past three years, we have worked to consistently strengthen AC Milan’s financial and sporting performance,” said RedBird founder Gerry Cardinale, pointing to a return to profitability, renewed competitiveness, and the long-delayed San Siro project finally moving forward.
Singer and Mitchell can point to a Scudetto title in 20/21 as proof that they changed the fortunes of the club, saving Milan from financial ruin in the mid 2010s and making them more competitive on the pitch after a decade in the doldrums.
“We are proud of what AC Milan has accomplished since Elliott acquired the club in 2018. Under Elliott’s ownership and subsequently RedBird’s, the club’s financial and sporting performance has improved significantly, and the team has won two major trophies, including the 2021/22 Scudetto,” said Mitchell
“The stewardship of a historic institution like AC Milan is an important responsibility, and we wish RedBird continued success in the future,” he added.
The bigger picture is that US investment continues to flow into European football because it sees undervalued brands, global fanbases, and leagues still lagging behind American sports in commercial exploitation.