The shareholders’ meeting ratifies the increase from 11 to 12 members. The change linked to the recent refinancing of the vendor loan between the Singer fund and RedBird. A man at RedBird altitude also changes
Milan’s Board of Directors is renewed and expanded. This afternoon an ordinary shareholders’ meeting was held – via videoconference, as is now customary – with a single agenda which included the “appointment by co-optation of a member of the board of directors” and the consequent “increase from eleven to twelve of the number of members of the Board of Directors”.
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It was therefore a “technical” meeting, made necessary by virtue of the recent refinancing of the vendor loan, that is, the loan that Elliott had made to RedBird when the club changed hands in the summer of 2022. A refinancing that took place just before Christmas and thanks to which RedBird on the one hand moved the dead line from August 2025 to July 2028 and on the other hand gave him the opportunity to formalize a further investment of 170 million, i.e. reducing the maxi-financing to 489 million (the vendor loan it had been 550 million and next August the interest would have increased it to 693). It is based on this context that the Board of Directors increases by one member, not surprisingly in Elliott’s share. At the same time, there is also a change to be noted on RedBird’s part. “On the occasion of the ordinary meeting of the members of Associazione Calcio Milan SpA convened today – reports the official note from the Rossoneri club -, the appointment by co-optation of David Castelblanco, currently Partner of RedBird Capital Partners, in the position of Director of AC was confirmed Milan SpA and appointed Dominic Mitchell, of Elliott Investment Management, as a new member of the Board of Directors, with effect from today”. The press release continues: “The Board of Directors therefore goes from 11 to 12 members, composed as follows: Paolo Scaroni (President), Giorgio Furlani, Stefano Cocirio, Gerry Cardinale, Randy Levine, Robert Klein, Mark Dowley, Gordon Singer, Riccardo Stefanelli, Alfredo Craca, David Castelblanco, Dominic Mitchell”.
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Castelblanco (with over 20 years of experience in the Merchant Banking Division of Goldman Sachs) replaces Kevin LaForge, who was a RedBird man: the “forces in the field” are therefore five RedBird members and two from Elliott. Mitchell (studies at Harvard and Cambridge, in Elliott since 2020) is therefore the figure who will join Gordon Singer – son of Paul, number one of the fund in charge of Milan until 2022 -, already present on the Rossoneri board of directors since October 2021. With this “doubling” Elliott exercises a right present in the original contract relating to the loan. In September 2022, moreover, when the new board took office after the change of ownership, Elliott had three members: in addition to Gordon Singer, Giorgio Furlani and Stefano Cocirio, with the latter two who were then absorbed by Milan as administrators delegate e chief financial officer.