Perhaps not so much a redesign as much as a modernization of the warrior on the badge, this concept by Japanese designer Yu Masuda has both positive and what I would consider "not so positive" aspects with this AFC Ajax project.
The first very noticeable aspect about this concept design is the obvious humanizing of the character so prominent on Ajax's badge for many years. This little change is a welcome one in my opinion because the previous line-art bearded warrior is quite primitive. The new design presents many elements and details which make the man a lot more sophisticated.
The element which I believe is a big a step back is the type. Almost unnecessarily "modernized" which makes the overall design look a bit uneven and busy. Perhaps the new graphics together with the old typeface would actually make for a great match.
The artist shows the progress of his design, which is a great touch to see the evolution from the old style to the new.
One color application is sometimes a very important aspect for identity design, which Masuda makes sure to highlight (above). And (below) the history of the badge, together with the new design at the center is a very nice touch.
Applying the badge to the existing kits is also something concept designer started doing very often with football designs; a great way to make it seem "real" for the viewer.
And an alternate design (below) is a great way to show a secondary concept to be used on merchandise.