AC Milan to close refinancing deal with Merrill Lynch: the details
Massimiliano Mirabelli continues his scouting duties while off pitch Marco Fassone is working to secure the financial stability of the club. Negotiations for a new loan are at a closing point.
The Rossoneri club outside the pitch is totally engaged in the refinancing of the debt with Elliott Management Corporation. Between AC Milan (123 million) and holding company Rossoneri Lux (180 million) there are 303 million euros plus interests to be repaid by October 2018 (deadline).
The club CEO Marco Fassone plans to close everything by spring, when he will also have to meet UEFA to talk about the Settlement Agreement. The officials of Nyon want AC Milan to conclude the operation before the meeting, so as to have a clearer view of the Rossoneri’s financial situation. The management is working hard on this front.
There have been several contacts with financial subjects and also important negotiations with various of those. For example, several weeks of negotiations with Hps, ex Highbrige, which offered only 270 million euros. Leaving aside that proposal, even that of the American bank Jefferies, the club needs to find a quick solution. Libero newspaper reveals today that Fassone is about to sign an exclusive agreement with BofA Merrill Lynch.
The well-known US investment bank is considering granting a loan of 300 million euros, which would cover almost the entire sum loaned by Elliott minus the interest. In the next days we will know more about this scenario that would involve Merrill Lynch, one of the biggest financial institutions in the world, who according to some rumors had refused weeks ago to deal with the Rossoneri and now seems to be back on track.
