June 01, (THEWILL) – AC Milan has revealed that RedBird, a US investment firm, has agreed to purchase the Serie A champions from current owners Elliott Management.
A €1.2 billion agreement has been reached and the transition to the new ownership will be completed by September. Elliott will retain a minority financial interest in the club, as well as seats on the Board of Directors as part of the agreement.
RedBird founder, Gerry Cardinale said: “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.”
On their part, Elliott’s Gordon Singer added: “When Elliott acquired AC Milan in 2018, we inherited a club with a tremendous history, but with serious financial problems and a mediocre sporting performance. Our plan was simple: to create financial stability, and to return AC Milan to where it belongs in European football. Today, I believe we have accomplished both.”
Milan are prepared to begin their summer transfer business now that they have new ownership, with Lille duo Renato Sanches and Sven Botman top on their wish list.
About the Author
Jude Obafemi is a versatile senior Correspondent at THEWILL Newspapers, excelling in sourcing, researching, and delivering sports news stories for both print and digital publications.
