Rome, June 1 (AFP/APP): AC Milan said Wednesday that its current owners, investment fund Elliott Management, have agreed to sell the newly-crowned Italian champions to rival US fund RedBird for 1.2 billion euros ($1.3 billion).
“The transition to new ownership will take place over the summer, with an expected closing no later than September 2022,” the club said in a statement, adding that, under the terms of the deal, Elliott will “retain a minority financial interest in the club and seats on the board of directors.”
“RedBird’s priority is to work with the club’s title-winning sporting and club management team to continue Milan’s journey back to the summit of world football,” added the statement.
Milan last month won their first Serie A title since 2011, the 19th in their history, as they pipped city rivals, and last year’s champions, Inter by two points.
RedBird’s move comes after they bought a minority stake last year in Fenway Sports Group, the owners of Liverpool and of Major League Baseball’s Boston Red Sox.
Their acquisition of Milan follows their purchase of a majority stake in French club Toulouse in 2020.
Toulouse this year won promotion back to France’s Ligue 1.
“We are honoured to be a part of AC Milan’s illustrious history and are excited to play a role in the club’s next chapter as it returns to its rightful place at the very top of Italian, European and world football,” said Gerry Cardinale, RedBird’s founder and managing partner.
Elliott Management acquired the Italian club in 2018 when Chinese businessman Li Yonghong was unable to repay a loan he had taken out when he bought the club from Silvio Berlusconi’s Fininvest in 2017.
The club was bought by Berlusconi in 1986 and spent three decades in the hands of Italy’s former prime minister, firmly establishing themselves as one of the most glamorous names in world football.
They were European champions five times between 1989 and 2007
Follow the PNI Facebook page for the latest news and updates.
