For billions
Italian football champions AC Milan have been sold to US investment firm RedBird Capital Partners. The Serie A club confirmed the takeover on Wednesday morning. According to media reports on Tuesday, 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 1.2 billion euros, Milan confirmed the sum.
Community
Discuss now in the Italy forum
Right this way!
“The agreement, (…) provides for Elliott to retain a minority financial stake in the club as well as his own representatives on the board of directors, cementing a partnership between RedBird and Elliott that continues the progress made under Elliott’s leadership over the past four years will,” says an official statement. Elliott is said to have invested around 740 million euros in Milan over the four years. The sale should be finally completed by the fall, as it was said. The deal should “give continuity to Milan’s path”, aiming for “a return to the top of world football”.
Elliott’s Letter of Gratitude to AC Milan
View here https://t.co/Ks8cesLeby pic.twitter.com/YeVsQFh1W5
— AC Milan (@acmilan) June 1, 2022
AC Milan recently won the Serie A championship again after eleven years. It was already clear that the northern Italians would get 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.
Ibrahimovic, Ronaldinho & Co.: The most expensive additions to AC Milan
To home page
