Milan financing agreement could lead to big shake-up behind the scenes

There are multiple reports of a big shake-up behind the scenes at Milan, with RedBird using Convest to buy out Elliott, removing figures including Giorgio Furlani.

The club has RedBird as the majority shareholders, but part of their purchase was thanks to a vendor loan from Elliott Management.

They are the company that took over by effectively repossessing the club in 2018 when previous owner Yonghong Li failed to keep up loan repayments for the money he used to buy the Rossoneri from Silvio Berlusconi.

How RedBird deal will change Milan board

According to various sources including Calcio e Finanza, MilanNews, La Verità and others, RedBird have decided to extinguish the outstanding €489m debt with Elliott by getting financing worth €500-600m from Convest.

This could in turn lead to a change in the board of directors, removing figures representing Elliott, like Gordon Singer, Dominic Mitchell and Furlani.

Losing Furlani would be a big shake-up behind the scenes, as he is effectively the man who makes the transfer decisions, rather than director of sport Igli Tare.