American investment group RedBird Capital has reached an agreement to buy Italian champions AC Milan from Elliott Advisors. The deal values AC Milan, who has crowned Serie A champions for the first time in 11 years at the end of last month, at 1.2bn euros (£1bn). RedBird owns a stake in Fenway Sports Group, the owners of Liverpool and baseball team the Boston Red Sox.
RedBird Capital Set to Buy AC Milan for £1bn
Elliott, who took over the club from businessman Li Yonghong, will retain a minority stake and seats on the board. According to reports, Milan says the transition to new ownership will take place over the summer and that the deal will be completed no later than September.
Red Bird founder Gerry Cardinale in a statement said: “We are honored 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.” Elliott took over the seven-time European champions four years ago when Chinese businessman Li Yonghong failed to meet some obligations linked to a financing package for the purchase of the club from Silvio Berlusconi in 2017.
Elliott’s Gordon Singer added: “When Elliott acquired AC Milan in 2018, we inherited a club with a tremendous history, but with serious financial problems and mediocre sporting performance. He said their plan was simply to create financial stability and to return the club to where it belongs in European football and they made it happen.