AC Milan have announced that Elliott Management have reached an agreement with RedBird Capital Partners for the sale of the club for €1.2 billion.
The two parties had been in talks for a number of weeks before an agreement was reached, with several other parties being linked with a potential purchase of the Serie A champions.
“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,” read a press release issued by the Rossoneri on Wednesday.
“A combination of a successful team on the pitch, Milan’s player development and acquisition expertise, a world-class commercial operation, and RedBird’s experience in operating and building global sports businesses, will ensure that the next chapter in Milan’s storied history will take the Rossoneri to even greater heights.”
RedBird’s founder and managing partner Gerry Cardinale also commented, stating his and the group’s ambitions for the club.
“We are honoured to be a part of AC Milan’s illustrious history and 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,” Cardinale said.
“I want to thank Gordon Singer and the entire Elliott team for the tremendous work they have done over the last four years in rebuilding Milan and returning it to its rightful place at the top of Serie A.
“RedBird’s investment philosophy and track record in team ownership has shown that football clubs can be successful on the pitch and sustainable off it – we are looking forward to a long term partnership with the club, its management team and Milanisti around the world to keep propelling Milan in the years to come.”
AC Milan were crowned Italian champions in 2021/22 for the first time in 11 years, dethroning Derby della Madonnina rivals Inter.