Private credit takes out the vendor financing from the club's 2022 sale.
What happened
RedBird Capital Partners completed a refinancing of the vendor loan left over from its 2022 purchase of AC Milan. New institutional debt arranged by Comvest Credit Partners, reported at €550m, repaid the financing provided by funds advised by Elliott and took the former owner out of the capital structure.
How it was structured
A vendor loan is finance provided by a seller to help a buyer complete a purchase. This one had already been reduced and extended: in 2024 a €170m payment brought the principal down to €489m, with a 2028 maturity. The debt financed the acquisition of the club, not its day-to-day operations.
Our review
Seller finance is often a bridge. This deal shows that private credit will refinance that position at scale, and that acquisition debt in European football can now move from a former owner to institutional lenders.
Sources
Not RMF transactions, just general football and sports transactions. Figures are as publicly reported, and reports sometimes differ. General market commentary, not investment, legal or financial advice.