What Gerry Cardinale’s First Visit to AC Milan in Over a Year Means For Imminent Comvest Investment
Gerry Cardinale was spotted at AC Milan's training ground this week.
Charlie Rhodes
Updated on 22 January 2026
The AC Milan hierarchy is set set for a major restructuring as they peel away from Elliot Capital Management, and RedBird CEO Gerry Cardinale was in town to iron out the details this week.
AC Milan and RedBird are set to continue building on their healthy partnership, with the latter securing financing to extinguish existing debt from Elliot Capital Management.
Elliot took over the club in 2018, after Milan’s frivolous ex-owner Yonghong Li defaulted on loan repayments he used to purchase the club from Silvio Berlusconi.
Li left the club in financial ruin as Milan became one of the most indebted clubs in Serie A, but with the help of Elliot’s aggressive restructuring and now RedBird Capital mantra for sustainable growth, they are consistently posting healthy financials.
Elliot remain a minority stakeholder with an outstanding debt of €489m still due to be paid to them, but it appears Milan may have found a new financier to extinguish the amount.
US Asset Management Firm Comvest Agree to Finance AC Milan’s Elliot Payment
Comvest, a private credit asset management firm out of Toronto, are set to finance between €500m-€600m to wipe out the outstanding debt to Elliot.
That also means Elliot’s involvement at AC Milan is likely to end after eight years, which should set in motion a major hierarchical restructuring that will push out several long-serving key figures.
Comvest’s involvement continues the ongoing trend of North American owners in Serie A, but RedBird will remain as the club’s majority stakeholder.
Gerry Cardinale in Milan For the First Time in Over a Year
The timelines are unclear as to when the debt may be officially financed by Comvest, but it is clear plans are accelerating.
LUKA MODRIC 𝒙 GERRY CARDINALE.
🇺🇸🇭🇷🔴⚫️ pic.twitter.com/S1sqVUyst5
— Milan Xtra (@MilanXtra) January 21, 2026
Gerry Cardinale – RedBird’s CEO – was spotted in Milan for the first time in well over a year, and reports suggest meetings to restructure the board were held.
Cardinale’s presence at the training ground was a sign of continuity, with RedBird hoping to secure their long-term commitment to the club by clearing the debt to Elliot.
However, there is expected to be a shake-up in the boardroom, with key figures such as Gordon Singer and Dominic Mitchell having been put in place initially by Elliot. It is unclear whether RedBird will keep these board members around once their involvement ceases.
Elsewhere, Milan CEO Giorgio Furlani was also an Elliot appointment, but Cardinale was spotted meeting him along with manager Max Allegri. While Furlani’s future is also unclear, this public appearance together may be a sign of solidarity.
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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