In addition to all of the other uncertainty surrounding AC Milan, there has been talk in recent days of Gerry Cardinale refinancing the vendor loan with Elliott Management.
RedBird and Elliott Management reached an agreement worth a total of €1.2bn for the takeover of Milan, but €550m of that was made up by a vendor loan from Elliott. This facilitated the takeover and made the process much quicker.
However, obviously the loan will have to be repaid and the deadline is next August, which has led to rumours in the press – from La Gazzetta dello Sport above all – the Cardinale is attempting to restructure the agreement and get himself more time.
As MilanNews write, La Repubblica then reported that RedBird have opened to the idea of trusting the refinancing of the loan to the American fund Carlyle, who work with the US government.
Sources close to the situation deny any involvement from Carlyle, MilanNews write. We also reached out to a source familiar with the matter for comment and received a denial.
The coming weeks and months though will reveal more about whether Cardinale is indeed looking to change the agreement and the methods that he might use to do so.
