AC Milan Owners RedBird Capital Seeking Investors to Help Repay €700m Debt to Elliott Management
RedBird are searching for new investors to help repay the vendor loan from Elliot Management, who provided them with the necessary capital to purchase AC Milan.
Charlie Rhodes
Updated on 27 December 2025
AC Milan owners RedBird Capital are entering a pivotal investment cycle at AC Milan, and with plans to accelerate the construction of a new San Siro, they are seeking new investors to help balance their outstanding debts.
US asset management firm Elliot Management may have a reputation for being a vulture fund on a global scale, but AC Milan’s transformation from financial ruin to steady economic growth is largely down to them.
Having taken over control in 2018 after previous owner Li Yonghong defaulted on his loan repayment to Elliot, the firm inadvertently took the reins.
After overseeing a rapid transformation by implementing stricter cost controls, new management and a modernization of the club from top-to-bottom, Milan won their first Serie A title in a decade in 2022.
That same summer, Elliot sold the club to US private equity firm RedBird Capital for €1.2 billion – included in which was a vendor loan that was refinanced last year, extending maturity to 2028.
Although Milan find themselves in a far healthier financial position, their outstanding loans mean they are still among Serie A clubs with the most debt.
RedBird Capital Seeking New AC Milan Investors
RedBird Capital are now seeking a new investors to help with a private credit loan, in the region of €700m, to refinance existing debt and fully withdraw from Elliott Management’s capital stack.
This call for fresh capital was first discovered on American database platform Pitch Book, which specializes in research and insights for private equity, venture capitalists and private credit.
Pitch Book also revealed that private credit asset firm, Comvest Credit Partners, are among the ‘lenders circling the loan’.
It also claims the holdco loan will include a 100% payment-in-kind option.
Why Are RedBird Asking For Investors at AC Milan?
While last year’s reduction of the debt to Elliot also granted Redbird an extended repayment deadline, it appears they are eager to escape the capital stack as quickly as possible.
After a boardroom and backroom staff overhaul in the summer, Milan are stepping up their modernization project.
The announcement of a brand-new San Siro, which is due to begin construction in 2027, has inevitably come with soaring costs.
Alongside construction estimates, Milan and Inter purchased the San Siro from the city council in order for it be demolished.
It is likely RedBird see this rapid period of change as not only a huge expense, but also a key moment to attract potential new investors to share the load.
Milan are back battling near the summit in Serie A with a clear sporting direction in place, and the investment opportunities will only increase as the Rossoneri move into their new state-of-the-art stadium.
Charlie Rhodes
Charlie has built a deep portfolio across a wealth of sports websites, with a heavy focus on Europe's top five leagues. He has a long-standing interest in Serie A having grown up watching Football Italia on Channel 4 as a child. With extensive experience tailored towards news, long-form content and heavily researched features, Charlie has also garnered experience in several roles in the fintech and marketing sector.
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