Italian champions AC Milan have been sold to US investment firm RedBird Capital Partners. 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 1.3 billion euros.
Elliott is said to have invested around 740 million euros in Milan over the four years and will remain with the “Rossoneri” with a minority stake. An official confirmation from the club or the two investors was initially pending. The sale should be finally completed by the fall, as it was said. Milan recently won the Serie A championship again after eleven years.
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. Former Goldman Sachs banker Gerry Cardinale’s RedBird has been involved in sports, including as an investor in Fenway Sports Group, which owns Liverpool and Major League Baseball’s Boston Red Sox.
