Redbird Capital Buys Italian Football Club AC Milan

RedBird Capital Partners entered into a definitive agreement to acquire Associazione Calcio Milan (AC Milan) Club, newly crowned Champions of Serie A, from Elliott Advisors UK Limited, for 1.2 billion euros ($1.3 billion).
The transition to new ownership will take place over the summer, with closing expected in September 2022.
Elliott to retain a minority financial interest in the Club and seats on the Board of Directors, solidifying a partnership between RedBird and Elliott.
"We... 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," commented RedBird founder and managing partner Gerry Cardinale.
"RedBird's investment philosophy and track record in team ownership have shown that football clubs can be successful on the pitch and sustainable off it," Cardinale added.
RedBird is already an investor in Fenway Sports Group, which owns Liverpool and the Boston Red Sox. RedBird also owns majority ownership in the French soccer club Toulouse, writes Reuters.
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.
Photo via Wikimedia Commons