American private investment, Redbird Capital Partners has entered into a ‘definite agreement’ with fellow US investment firm, Elliott Advisors UK Limited to acquire Associazione Calcio Milan (AC Milan) in a deal that values the Italian football club at £1.2billion.
The club confirmed the agreement in a statement saying the transition to new ownership is expected to take place over the summer and the takeover is expected to close no later than September 2022.
Redbirds Capital which also has a stake in Liverpool Football Club will take over as the majority shareholder from Elliott Advisors UK Limited. The deal would see them take on a 70% controlling stake in the Italian club leaving Elliott CEO, Paul Singer in control of the remaining 30%, according to SportsPromedia.
Elliott took control of the Rossoneri in 2018 after former owner Li Yonghong defaulted on payments.
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.
What they are saying?
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,” he added.
Elliott Managing Partner Gordon Singer commented: “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. 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”