U.S. investment firm RedBird Capital Partners has secured the purchase of Serie A club AC Milan for a sum of $1.3 billion, the club announced on Wednesday. According to the official statement, the current owners, U.S. private equity group Elliot, will retain a minority stake in the club.
“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,” RedBird founder and managing partner Gerry Cardinale said following the announcement of the deal. The deal is expected to be completed by September latest, with the transition in ownership taking place over the summer.
AC Milan is the newly-crowned Serie A champion, winning the league title after an 11-season drought. While moderately successful under the previous ownership of former Italian Prime Minister Silvio Berlusconi, AC Milan last won the Champions League in 2007.
RedBird is aiming to help rebuild AC Milan’s status as an elite club in Europe, with the club planning to reinforce its squad during the summer transfer window as it looks to defend its Serie A title while mounting a challenge for the Champions League trophy.
In addition to this latest acquisition, RedBird holds a controlling stake in French club Toulouse as well as a share in Fenway Sports Group—the owner of Liverpool and the Boston Red Sox.
