Milan (AP) – The Italian soccer champion AC Milan has been sold to the US investment company RedBird Capital Partners.
According to media reports, the purchase documents have already been signed by RedBird and Elliott Management – also a US investor and owner of the club since 2018 – in the past few days. There was talk of a purchase price of around 1.3 billion euros.
Elliott is said to have invested around 740 million euros in Milan over the four years and will remain with the Rossoneri with a minority stake. An official confirmation from the club or the two American investors was still pending. The sale should be finally completed by the fall, as it was said.
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. In recent months, the Elliott Management Corporation of hedge fund manager Paul Elliott Singer had also been negotiating a purchase with the Bahrain-based financial firm Investcorp – but a deal did not materialize.
RedBird, owned by former Goldman Sachs banker Gerry Cardinale, is already active in sports, including as an investor in the Fenway Sports Group, which owns Liverpool FC and the Boston Red Sox from Major League Baseball. RedBird also holds the majority of shares in FC Toulouse from the French Ligue 1.