RedBird Capital have reached an agreement to buy AC Milan from Elliott Advisors.
The investment group has a stake in Fenway Sports Group, the owners of the Boston Red Sox and Liverpool. They have agreed a deal which values AC Milan at €1.2 billion. Elliott will have a minority stake in the club and seats on the board.
AC Milan won Serie A for the first time in 11 years earlier this month.
The statement from RedBird read: “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.
“A combination of a successful team on the pitch, Milan’s player development and acquisition expertise, a world-class commercial operation, and RedBird’s experience in operating and building global sports businesses, will ensure that the next chapter in Milan’s storied history will take the Rossoneri to even greater heights.”
RedBird Founder and managing partner Gerry Cardinale added: “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.”
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