Il Sole 24 Ore via MilanNews.it are reporting that RedBird Capital have already raised 600 million euros for their purchase of AC Milan from Elliott Management. Gerry Cardinale and co. are reportedly close to another 300 million euros of investment for the purchase which leaves about 300 million euros which will be a vendor loan from Elliott to RedBird. The initial loan was expected to be double that figure at 600 million euros. The loan has an interest rate of 7% and an 8% PIK payable on maturity,
Elliott are expected to remain as a minority shareholder in the club for a transitionary period. The sale is expected to close in a couple of months but has bee signed and RedBird have taken operational control of the club ahead of the important summer transfer window where Milan will look to invest to compete in Europe as the current Champions of Italy.