The shareholders’ meeting will be held on January 23rd: shareholders will vote on expanding the board to 12 members to make room for the second representative of Singer’s fund, after the refinancing of the loan
The AC Milan shareholders’ meeting will be held on January 23, at 5.30 pm. The meeting was called to decide on increasing the number of members of the board of directors from 11 to 12 and the consequent appointment by co-optation of a new member. Everything is linked to the refinancing of the vendor loan, which took place just before Christmas. On that occasion RedBird and Elliott, i.e. the current and previous owners of the club, agreed to extend the expiry of the 550 loan (plus 7% interest) with which Gerry Cardinale’s fund finalized the loan in the summer of 2022 the acquisition of Milan, valued with an enterprise value of 1.2 billion (including 50 million in debt).
more time
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The maxi-financing, which would have expired next August, will last until July 2028 and has been reduced to 489 million, for the principal amount, by virtue of the further investment of 170 million by RedBird. Cardinale, therefore, will have more time to carry forward the Rossoneri’s growth project, especially the stadium dossier, which is decisive in allowing the American fund a return on its investment. Due to the refinancing of the vendor loan, which is also held by vehicles managed by the parent company Elliott, the financial entity led by Paul Singer will increase its presence on the AC Milan board of directors. The new member, in fact, will be an expression of Elliott and will join Gordon Singer, Paul’s son, involved in the Rossoneri operation since the beginning of Elliott’s adventure, already consulted by Cardinale in all strategic decisions. It must be said that in September 2022, when the new board took office after the change of ownership, there were three Elliott members: in addition to Gordon Singer, Giorgio Furlani and Stefano Cocirio, for years portfolio manager and portfolio associate respectively Elliott’s manager. Within a few months, Furlani and Cocirio abandoned those positions and were appointed CEO and chief financial officer of Milan. Elliott was thus left with only one advisor, albeit a powerful one. Now it doubles.