Matteo Moretto has confirmed the news that emerged this morning regarding RedBird Capital’s intention to repay the vendor loan.
This morning, a report from the newspaper La Verità claimed that Gerry Cardinale is close to paying off the remaining balance owed to Elliott Management, which came via the method of a vendor loan from the latter to the former at the time of their takeover in 2022.
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After nearly three and a half years, the €489m soap opera is nearing its end, at least as per the paper. They claim that Cardinale has long been seeking a financial institution willing to repay the loan, which has since reached €566m with interest, and he seems to have succeeded.
RedBird ‘close to repaying its debt’
Moretto spoke on Fabrizio Romano’s YouTube channel and he gave the information that he has regarding the potential changes at corporate level for Milan.
“At the beginning of the year [sporting], around the turn of the 2025-26 season, I told you about some important developments at the club. There were some important changes that are increasingly taking shape,” he began.
“There are rumours coming out from various quarters, and they are certainly rumors that we can confirm in a certain sense and that follow the line I had given you. Something is changing in the Milan world.
“From what we understand, RedBird, Cardinale, is actually trying to repay part of the debt, if not all of it, to Elliott. Cardinale is looking for financiers, and among those financiers, I can confirm the name of CONVEST. Clearly, it’s a slow process, but Cardinale has been working on it for quite some time, and we’re in an important phase.
“Let’s say that RedBird is close to repaying its debt, and therefore there could be some changes at the club closer to the end of the season. The movements surrounding this type of scenario are increasingly concrete, and the steps are increasingly decisive.”
MÁS INVERSIÓN PARA EL CLUB MÁS FICHAJES Y LAS RENOVACIÓN DE JUGADORES. (EJ:EL OTRO AÑO POR ESTAS FECHAS CON EL BENEPLÁCITO DE ELLIOT A CARDINALE SE DESEMBOLSO PARA PRÉSTAMOS COMO FELIX)
They cant pay Maignan contract so what they are company 😂😂😂
It seems they are re-financing the loan, and not really repaying it. It doesn’t matter if you owe money to Elliott or Convest – you still owe money.
Also, it seems it’s CoMvest (10-12B USD in assests) and not Convest.
From Google AI:
Comvest Credit Partners
(now part of Manulife) is a private credit firm that was a potential lender for a large loan to refinance AC Milan’s debt to former owner Elliott Management, as RedBird Capital sought to pay off the vendor financing from the 2022 acquisition, with Comvest reportedly offering a PIK (Payment-in-Kind) structure for this massive refinancing deal in late 2025/early 2026.
Key Details:
The Situation: In 2022, RedBird Capital bought AC Milan from Elliott, with Elliott providing a vendor loan that RedBird needed to refinance.
The Loan: RedBird sought $600-700 million to pay off Elliott, and Comvest Credit Partners was a leading interested lender.
Comvest’s Role: Comvest offered a 100% PIK (Payment-in-Kind) option, meaning interest accrues to the principal rather than being paid in cash periodically, simplifying repayment for Milan until the loan’s maturity.
Context: This highlights the growing involvement of private credit in financing major sports teams, with AC Milan being a prime example of high-profile European football club investment, as detailed on sites like PitchBook and Milanreports.com.
Firm Structure: Comvest Credit Partners is a private credit platform, and in late 2025, Manulife Investment Management acquired a majority stake in it