American investors RedBird sign agreement to buy Italian champions AC Milan for £1BILLION… as the firm’s founder promises to return the club to its ‘rightful place’ at the top of European football
- AC Milan will be under new ownership after RedBird signed a deal to buy the club
- The US investment firm are buying the Serie ‘A’ giants from hedge fund Elliott
- RedBird already invest in the owners of Liverpool, Fenway Sports Group
- Milan sealed their 19th Scudetto – and first for 11 years – on last day of season
US investment firm RedBird has agreed to buy Serie ‘A’ champions AC Milan from hedge fund Elliott in a deal worth around £1billion.
Elliott will remain an investor in the Italian giants but the majority stake will be held by RedBird.
AC Milan said the deal is expected to close no later than September of this year.
Italian champions AC Milan will be taken over by American investors RedBird
The deal for the San Siro club, previously owned by Elliott, is worth around £1billion
Asset manager Investcorp had also been in the running to buy seven-times European champions Milan earlier this month but they could not agree on certain terms, paving the way for Redbird to pursue a deal.
RedBird, already an investor in Fenway Sports Group, the owner of Premier League soccer club Liverpool and the Boston Red Sox baseball team, also has a controlling stake in French soccer club Toulouse.
‘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 RedBird founder and managing partner Gerry Cardinale.
‘RedBird’s investment philosophy and track record in team ownership has shown that football clubs can be successful on the pitch and sustainable off it – we are looking forward to a long term partnership with the club, its management team and Milanisti around the world to keep propelling Milan in the years to come.’
AC Milan said it expects the deal to be officially completed no later than September 2022
In a statement, RedBird said its 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’ and vowed to ensure that the next chapter in Milan’s storied history will take the Rossoneri to even greater heights.
The Italian side was one of Europe’s top clubs under the previous ownership of former Italy Prime Minister Silvio Berlusconi.
Milan clinched their 19th Serie ‘A’ title on the final day of the campaign – their first Scudetto in 11 years.
They will compete in the Champions League next season for the second consecutive season following their Serie ‘A’ triumph.