Gerry Cardinale is set to repay the Elliott Management Fund at the end of this season for the purchase of AC Milan, but the businessman seems to be attempting to delay this payment.
When RedBird acquired Milan, a vendor loan was taken out to make the process more manageable, and this is often the case when buying a football club. The original date for this payment is due to be August 2025, but it seems like there will be an attempt to delay this.
As Gazzetta dello Sport (as seen below) writes this morning, negotiations between Cardinale and the Singer family have been underway for months to attempt to extend the loan repayment schedule until around 2028.
When purchasing the club, only €650 million of the €1.2 billion agreed for was paid, and the rest was financed via a vendor loan. So this means that Cardinale still must pay €550m to the Singer family, whilst also paying the interest owed, taking the payment expected to be around €700m, which is what RedBird hope to refinance, partly or entirely.
Negotiations are ongoing about the possible extension and it seems the stalling blocks are down to the interest that will be owed on the payment.
Cardinale still believes in the project and is convinced that it will take off soon, especially with him closing the past two seasons with a total loss of €100m – a road he is willing to continue down. In addition to this, the possibility of a new stadium gives Cardinale another reason to retain interest.
🤦🤦🤦
We made €457 million in revenue last season but only made €4.1m in profit. They seriously need to figure out how to streamline things. We are paying over €100m for 3rd party assets, we aren’t Barcelona, we really shouldn’t be paying that much. And that’s outside of the +€170m in Salaries. And with our players dropping in value adds to the amortization which is close to 100m in devaluation. And with contract negotiations we can probably add another 10m in agents fees for Theo, Tijji, Gabbia and Mike. This is why a stadium is important, we can’t be hiring our entire infrastructure including Casa Milan which was sold a couple of seasons ago.
Please leave the club already…Damage that has been done to this great club will take years to repair! When Gerry goes he should take his minions with him!
Kick that clown out….
How can they allow broke person to own club like milan
How can we get rid of these people?
There will be nothing left of the club once the people are gone and it is burdened with debt.
Id rather support Milan in Serie B than continue with these vultures
Cardinale milan have 700 million debt. OMG
So… Cardinale and his poodle Zlatan are the only two persons in the whole world who “still believe in the project”. Everyone else knows it’s a massive, fckng FLOP. Just a joke. Embarrassment.