Italian soccer champions AC Milan have confirmed their sale to US investment firm RedBird Capital Partners. The club announced that RedBird and previous owner Elliott Management have reached an agreement.
The value of AC Milan was estimated at 1.2 billion euros in a club announcement. Italian media had previously reported on the sale of the traditional club.
AC Milan recently won the Serie A championship again after eleven years. It has recently become clear that the northern Italians are getting a new owner.
RedBird is already active in sports, including as an investor in Fenway Sports Group, which owns Liverpool FC and Major League Baseball’s (MLB) Boston Red Sox. RedBird also holds the majority of shares in FC Toulouse from the French Ligue 1.