RedBird Capital Partners are closing on a takeover of AC Milan and expect to reach an agreement on the purchase of a majority stake this week.
As reported by Tuttomercatoweb, RedBird CEO Gerry Cardinale signed the paperwork on the acquisition from Elliott Group on Tuesday morning and an official announcement confirming a preliminary contract could be made later in the day, or on Wednesday.
It would see RedBird take on a 70% stake in the club in exchange for €1.3 billion, leaving Elliott CEO Paul Singer in control of the remaining 30%, and the next steps will see the deal finalised over the coming weeks.
Elliott took control of the Rossoneri in 2018 after former owner Li Yonghong defaulted on payments, and have overseen a period of success in which Stefano Pioli’s side won the Serie A title this season.