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The term ‘vendor loan’ has appeared a lot recently in relation to the sale of AC Milan and the ongoing investigation into the club, and some clarification has arrived.
As Calcio e Finanza reports, the vendor loan is financing granted by Elliott Management to RedBird Capital as part of the operation that led to the latter purchasing the club from the former, as Gerry Cardinale explained.
That particular transaction is now precisely the subjected of the investigation by the Milan Prosecutor’s Office which sees Milan’s current CEO Giorgio Furlani and former CEO Ivan Gazidis under the microscope.
Regarding the vendor loan, new details emerge from the financial statements as of 30 June 2023 of Rossoneri Sport Investment Luxembourg, which is the vehicle used by Elliott to provide the financing to ACM Bidco, which in turn is the company used by RedBird as part of the operation that led to the purchase of Milan.
As stated in the document consulted by Calcio e Finanza, confirming what has already been reported by the lawyer Felice Raimondo, ‘as of 31 August 2022, the Company entered into a loan agreement with ACM BIDCO BV for an amount of EUR 560,000,000.00.
“The loan has an interest rate of 8% and expires on the third anniversary of the closing date. On October 21, 2022, the Company received an amount of EUR 10,000,000.00 as partial reimbursement.
“On January 27, 2023, pursuant to an assignment agreement with Project Redblack Sarl, the Company transferred 95.73% (equivalent to EUR 526,515,000.00) of its right and title to the financed loan to Project Redblack Sarl as payment in nature .”
The remaining 4.27% refers to the shares pertaining to Blue Skye, Elliott’s partner in the control chain of Milan from which several complaints about the sale of the club originated (11 cases across Italy, Luxembourg and USA), one of which led to the opening of the investigation. Claims against which Elliott responded with a private criminal indictment – called ‘citation directe’ – in Luxembourg.
With this action the US fund accused Blue Skye Financial Partners and its representatives of crimes including blackmail, extortion and fraudulent misrepresentation in support of its legal actions against the sale. As revealed in recent days by Calcio e Finanza, the conflict will reopen in the coming weeks with a hearing.
Returning to the vendor loan, another interesting aspect concerns the interest on the loan, which will not be due to Project Redblack before 30 June 2025.
“On July 26, 2023, the Company entered into an ‘AFA agreement’ with Project Redblack Sarl as lender, following the assessment of the “Assigned Interest”, for the purpose of rectifying certain sums repaid by the Company to Project Redblack Sarl under of the AFA, with effect from 27 January 2023.
“Project Redblack Sarl has confirmed pursuant to a letter […] dated 28 August 2023, that it will not require payment or reimbursement of any sums under the Financial Documents (as defined in the AFA) and the AFA Financial Documents (as defined in the AFA) by the Company before 30 June 2025, and which with effect from 6 March 2023, will not be payable or will accrue interest or default interest pursuant to the Financial Documents and the AFA Financial Documents.”
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Incoming Tottenham star sold on Thomas Frank as Spurs boss continues to leave his mark
Palhinha was sold on Tottenham Hotspur transfer following conversation with Thomas Frank Tottenham Hotspur’s’s midfield is set for a shake-up, and at the heart of it all is Thomas Frank’s quiet revolution in North London. The Danish tactician has already begun stamping his identity on the Spurs squad, and the signing of Joao Palhinha signals another major step in that direction. Sources close to the club, including TBR Football’s chief correspondent Graeme Bailey, confirm that the deal for Palhinha is done and dusted. The Portuguese enforcer joins on a season-long loan from Bayern Munich, with Tottenham covering his wages and holding an option to make the move permanent next summer. An official unveiling is expected this weekend, but the buzz around Hotspur Way suggests the club is already convinced they’ve landed a vital piece of their midfield puzzle. Palhinha’s arrival signals a tactical shift Frank played a central role in convincing Palhinha to make the switch to North London. It didn’t take long for the two to connect, and those within the club say the midfielder was “won over” as soon as they spoke. That relationship could prove pivotal in helping Palhinha settle quickly and thrive in the Premier League once again. “Palhinha was won over by Thomas Frank as soon as they talked, am told they are delighted to be working together.” Anyone who followed Palhinha during his time at Craven Cottage will know exactly what he brings. He’s a born ball-winner, equally comfortable breaking up play or kickstarting attacks. It’s the kind of steel Spurs lacked at times last season, especially in high-stakes games where control of the midfield was often surrendered too easily. Bissouma exit on the jhorizon Of course, one man’s arrival usually means another’s exit and in this case, that man is Yves Bissouma. The former Brighton midfielder, signed during the Antonio Conte era, has struggled to find consistent form or rhythm in a Spurs shirt. Now, Tottenham are working on finding him a new club, with several teams across Europe interested. Bissouma’s departure would open up space for Palhinha to slot directly into the starting XI, and all signs point to that being the plan. Tottenham aren’t bringing him in to sit on the bench, they see him as a foundation piece in Frank’s evolving midfield setup. A new-look Spurs under Frank The Palhinha deal is more than just a transfer and reflects how much sway Thomas Frank already holds in shaping the club’s direction. After years of tactical inconsistency, Spurs fans are beginning to see the formation of a clear identity, and it’s being built around players with the grit, intelligence, and drive to match Frank’s philosophy. If Palhinha hits the ground running, this could be the signing that sets the tone for a more balanced, more aggressive Tottenham in 2024/25. And as for Frank? He’s just getting started. Just ask Mikel Arteta and Arsenal.
'Most likely scenario' for Terry McLaurin revealed
A recent report indicated that teams potentially interested in acquiring Washington Commanders wide receiver Terry McLaurin learned that the club is "not trading" him before the 2025 season begins. The 29-year-old, who is in the final year of his current contract, may have responded to this news by requesting a trade on Thursday. However, ESPN's Bill Barnwell shared Friday that he doesn't "think there's a strong chance McLaurin gets traded" before September. "There's been no suggestion from the Commanders' side that they're looking to deal him, even after his request," Barnwell wrote. "Trading him now would likely result in landing 2026 draft picks, which won't help the Commanders in a season in which they're hoping to compete. And there just aren't many teams with the cap space or cash budget at this point of the offseason to give him the sort of deal he appears to want." McLaurin allegedly does not want to accept less money than DK Metcalf, who received a five-year, $150M deal from the Pittsburgh Steelers in March. Whether or not McLaurin "deserves" such an extension is irrelevant as it pertains to his importance to Washington and the market for players at his position. McLaurin finished the 2024 campaign with team highs of 82 receptions and 1,096 receiving yards as quarterback Jayden Daniels guided Washington to the NFC Championship Game and earned Offensive Rookie of the Year Award honors. Additionally, McLaurin was second in the NFL with 13 touchdown catches. As of Friday morning, DraftKings Sportsbook had Washington sixth among the betting favorites at +1800 odds to win Super Bowl LX in February 2026. That shows why Barnwell and others are convinced that acquiring future draft assets for McLaurin makes little sense for the win-now Commanders. "The logical thing is for McLaurin to stay with the Commanders, for the two sides to come to terms on a new deal or some sort of raise, and for Daniels to have his best pass catcher on the field in Week 1," Barnwell concluded. "It's still the most likely scenario." On Thursday, Nicki Jhabvala and Dianna Russini of The Athletic noted that "several teams that called Washington about [McLaurin] before his trade request on Thursday were told the team will not trade him." Commanders general manager Adam Peters seems to understand he still has plenty of time to work something out with McLaurin before Washington opens the regular season against the New York Giants on Sept. 7.
One player from each AFC team who deserves Hall of Fame call
Let the (preseason) games begin. With the Detroit Lions-Los Angeles Chargers Pro Football Hall of Fame Game kicking off 2025 action, Yardbarker NFL writers mulled a player — past or present — on each AFC team who merits enshrinement in Canton. AFC East BUFFALO BILLS | LB Von Miller | As the NFL’s active leader in sacks (129.5), Miller — who's now with the Commanders — is a sure bet for the Hall of Fame even though he missed 14 games in three years with Buffalo. In 10 seasons with Denver, Miller earned a Defensive Rookie of the Year award, made eight Pro Bowls and three All-Pro teams and was named MVP of Super Bowl 50, the last defensive player to win the award. MIAMI DOLPHINS | WR Tyreek Hill | His subpar 2024 season aside (81 catches, 959 yards, six TD catches), the 31-year-old receiver boasts a Hall of Fame resume (eight Pro Bowls and five first-team All-Pro nods in nine years). Hill led NFL receivers with 1,799 yards in 2023 and has six 1,000-yard seasons in his career, two fewer than Cris Carter, who spent the last five games of his Hall of Fame career with Miami. NEW ENGLAND PATRIOTS | Kicker Adam Vinatieri | The NFL’s all-time leading scorer (2,673 points) narrowly missed induction as a finalist in 2025, his first year of eligibility, and will be an automatic finalist in 2026. Vinatieri, who retired in 2021, holds records for most field goals made in the regular season (599) and playoffs (56) and helped the Patriots win three Super Bowls before winning another with the Colts in 2007. NEW YORK JETS | QB Aaron Rodgers | The enigmatic passer disappointed as a Jet, but four first-team All-Pro honors, four NFL MVP awards and a Super Bowl MVP with the Green Bay Packers can’t be overlooked. Rodgers’ 62,952 passing yards are the seventh most in league history, and his 4.34 touchdown-to-interception ratio is the best of any quarterback, past or present. — Bruce Ewing AFC West DENVER BRONCOS | WR Rod Smith | Smith played a key role when the Broncos repeated as Super Bowl champions in the 1997 and 1998 seasons. The three-time Pro Bowler had 152 receiving yards in a 34-19 Super Bowl XXXIII win over the Atlanta Falcons, tied for the sixth most in a Super Bowl. The undrafted WR starred for Denver from 1995-2006, becoming the club’s career leader in receiving yards (11,389). KANSAS CITY CHIEFS | QB Patrick Mahomes | Star tight end Travis Kelce would be an excellent pick, too, but the Chiefs had won only one Super Bowl before Mahomes became the starter during the 2018 season. The 2017 first-round pick has won three Super Bowls and two MVPs in eight seasons with the Chiefs. Expect Mahomes, who turns 30 on Sept. 17, to keep bolstering his stellar resume. LOS ANGELES CHARGERS | QB Philip Rivers | Rivers, who retired as a Charger in July, never reached a Super Bowl during his career, but neither did former Chargers QB Dan Fouts. That didn’t prevent him from making the HOF in 1993. The same should go for eight-time Pro Bowler Rivers, who ranks sixth in career TD passes (421). LAS VEGAS RAIDERS | Guard Steve Wisniewski | It’s surprising Wisniewski isn’t in Canton already. Per Pro Football Reference, his HOF monitor score (76.58) is higher than that of HOF guard Mike Munchak (72.7). The former O-lineman is also a member of the HOF’s All-1990s team. — Clark Dalton AFC North BALTIMORE RAVENS | LB Terrell Suggs | Suggs, who played from 2003-19, and former Ravens guard Marshal Yanda were finalists for the 2025 class but missed out. Suggs was one of the more dominant pass-rushers of his era, accumulating 139 career sacks, earning seven Pro Bowl nods, one first-team All-Pro, a Defensive Player of the Year award and an NFL-record 202 tackles for loss. He was a key part of two Super Bowl winners. CINCINNATI BENGALS | QB Ken Anderson | The Bengals did not win a Super Bowl during Anderson’s career (1971-86), but that is pretty much the only thing separating him from other Hall of Fame quarterbacks, especially from his era in the 1970s. Anderson has an NFL MVP award and led the league in passing twice, completion percentage three times and passer rating four times. CLEVELAND BROWNS | Edge Myles Garrett | Garrett is still active, but it’s not hard to see the path his career is on. He has been the more dominant pass-rusher in the league from pretty much the day he arrived. He may not win a title in Cleveland, but he is going to finish as one of the best Browns players of all time and one of the best defenders of the modern era in the NFL. PITTSBURGH STEELERS | QB Ben Roethlisberger | Roethlisberger, who retired in 2022, does not have many individual accolades, but spending nearly two decades as one of the top quarterbacks in the NFL and earning two Super Bowl rings will be more than enough to get him in. It is just a matter of how long he might have to wait for induction. — Adam Gretz AFC South HOUSTON TEXANS | DE J.J. Watt | Widely considered to be a first-ballot lock, Watt — who retired following the 2022 season — will be eligible for the Hall of Fame in 2028. His career could have been even better if not for several seasons being shortened by injury, but Watt is one of only three players to win three NFL Defensive Player of the Year awards. Few players were capable of changing the game the way a healthy Watt could. INDIANAPOLIS COLTS | Kicker Adam Vinatieri | The three-time Pro Bowl selection made 29 game-winning kicks in his career, including two that won Super Bowls for the Patriots. Vinatieri has four Super Bowl rings and could be considered the most clutch kicker of all time. There are four kickers in the Hall of Fame, and it is almost impossible to argue against Vinatieri becoming the fifth. JACKSONVILLE JAGUARS | RB Fred Taylor | The wait continued in 2025 for Taylor, a Hall of Fame finalist for the second straight year, but he did not get the nod. Taylor, who retired in 2011, ranks 17th in NFL history with 11,695 rushing yards and holds numerous Jaguars records. The only running back ahead of him on the all-time rushing list who is not in the Hall of Fame is Frank Gore, and he is likely to get into Canton eventually. TENNESSEE TITANS | RB Derrick Henry | Titans legends Eddie George and Steve McNair advanced in the Hall of Fame voting process for 2025, but there is a good chance neither will get into Canton. Henry, meanwhile, is already 19th on the NFL’s all-time rushing list with 11,423 yards and coming off a season in which he ran for 1,921 yards. Henry, who spent the majority of his career in Tennessee, should be a first-ballot Hall of Famer. — Steve DelVecchio
Brewers Facing Decision After Unfortunate Jackson Chourio News
The Milwaukee Brewers are entering a pivotal stretch of the season, locked in a closely contested race for first place with the Chicago Cubs in the NL Central. A huge reason for their prolonged success this season (64–44 entering Friday’s matchup with the Washington Nationals) has been rising superstar Jackson Chourio. The 21-year-old center fielder has appeared in 106 games this year for Milwaukee, hitting .276 with a .786 OPS, 17 home runs and 67 RBIs. Chourio suffered a right hamstring strain during a game against the Cubs on Tuesday, July 29. He sustained the injury while legging out a triple and was removed immediately. The injury led to him being placed on the 10-day injured list on Thursday. During pregame on Friday, manager Pat Murphy provided an unfortunate update on Chourio, announcing that the injury is more severe than initially thought. Murphy also said that Chourio received a PRP injection and that his absence could extend to a month, but at least past the 10-day minimum. Brewers' Outfield Options in Jackson Chourio's Absence Blake Perkins got the start Friday against the Nationals and also replaced Chourio once he was removed from the game on Tuesday. Perkins has appeared in three seasons with Milwaukee but has failed to establish himself as a reliable everyday player. Over 199 games for the Brewers, the 28-year-old has a .236 batting average and .660 OPS, well below league average. Perkins has improved in 2025, batting .269 with a .768 OPS, but it will be hard for Milwaukee to trust this production is sustainable given he has only appeared in 11 games this year. Right fielder Sal Frelick also remains an option to play center field. The Brewers’ 2021 first-round draft pick debuted in 2023 but has fully emerged as a reliable top-of-the-order threat in 2025. Over 97 games, the 25-year-old has a .292 batting average, .756 OPS and eight home runs. Frelick has experience playing center field, having played there during his rookie year, and he is a capable outfielder given the fact he won a Gold Glove Award in 2024 in right field. However, Frelick recently returned from the injured list after recovering from a left hamstring injury in late July, and he is being held out of the lineup on Friday to give his hamstring extra rest. The Brewers will be forced to make a decision on who will replace Chourio over the next month of his absence.
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