The investment is being replaced by Canada-based Manulife Comvest as the club's prime financial backer.
TMW says the refinancing is expected to be made official in the coming days, between the end of this week and the beginning of next.
RedBird Capital president Gerry Cardinale, with Manulife's financial assistance, will pay the €557m (€489m for the vendor loan, the remainder in interest) to Elliott.
At that point, the Elliott members of the AC Milan board of directors will say goodbye to the company: both Gordon Singer, Elliott's number one, and Dominic Mitchell, Elliott's Associate Portfolio Manager in the London office, will leave their posts.
Their places will be immediately filled, not necessarily by Comvest members, but also by fiduciary managers chosen by both the new financier and the majority shareholder.