US investment firm has agreed to buy Serie A champions for €1.2b
The club stated on Wednesday that RedBird, a US investment firm, has agreed to buy Serie A champions AC Milan from hedge fund Elliott for €1.2 billion.
“The transition to new ownership will take place throughout the summer, with an estimated closing no later than September 2022,” Milan stated in a statement.
“RedBird’s objective is to collaborate with the club’s title-winning sporting and club management teams to continue Milan’s return to the top of world football,” the statement continued.
“A successful team on the field, Milan’s player development and acquisition expertise, a world-class commercial operation, and RedBird’s experience operating and building global sports businesses will ensure that the Rossoneri reach even greater heights in the next chapter of their illustrious history.”
Earlier this month, asset firm Investcorp was in the race to buy seven-time European champions Milan, but they couldn’t agree on key parameters, allowing Redbird to pursue a transaction.
Under the previous ownership of former Italian Prime Minister Silvio Berlusconi, the club was one of Europe’s premier clubs.
RedBird already owns a majority stake in the French football club Toulouse and is a shareholder in Fenway Sports Group, the owner of Premier League champions Liverpool and the Boston Red Sox baseball team.
On the final day of the season, Milan won their 19th Serie A title, their first in 11 years.