REDBIRD Capital Partners have reached an agreement to buy AC Milan with a takeover to be completed no later than September.
The American private investment firm own a stake in Liverpool but have now completed a £1.02billion purchase of the Italian giants.
They take over as majority shareholder from Elliott Advisors UK Limited who have run the club for the previous four years and still hold a minority stake.
Elliott also retain a position on the club’s board after a successful tenure which saw Milan crowned Serie A champions this season.
RedBird are happy to work with Elliott and aim to continue the success of recent years, with an ambition to continue developing players at the club and capturing new stars.
The new owners also aim to improve the club’s commercial operation and feel their expertise in sport and business will take Milan to a new level.
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RedBird Founder and Managing Partner 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.
“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.”
And Elliott Managing Partner 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.
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“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.
“As we make this remarkable transition to AC Milan’s next chapter, I want to express our deepest sense of humility, pride and above all gratitude for the experiences we have shared with each member of the AC Milan family: We could not have done any of this without you, Il Popolo Milanista”.
