MILAN (AP) – Serie A champions Milan are on the verge of selling the American investment company RedBird …
MILAN (AP) – Serie A champions Milan are on the verge of selling US investment company RedBird Capital Partners for 1.2 billion euros ($ 1.3 billion) after the parties signed a preliminary agreement.
Milan said on Wednesday that RedBird is expected to complete the purchase of the legendary Italian club from American firm Elliott Management by September, becoming the team’s fourth owner in five years.
“We are honored to be part of Milan’s famous history and look forward to playing a role in the club’s next leg when it returns to its rightful place at the top of Italian, European and world football,” said RedBird founder and managing partner Jerry Cardinal.
The seven-time European champions Mlan won their 19th Serie A title last month, but the first in 11 years. The last time the Rossoneri won the Champions League was in 2007.
RedBird has a stake in Fenway Sports Group, which owns English Premier League club Liverpool.
American hedge firm Elliott has owned Milan since 2018 after the former Chinese club owner failed to repay part of the loan. Former Italian Prime Minister Silvio Berlusconi ruled Milan for more than 30 years before selling to a Chinese group in 2017.
Milan finished sixth a couple of months before Elliott took office. He was also involved in a case with UEFA for breaches of financial fair play, which later led to voluntary withdrawal from the Europa League 2019-2020 to avoid penalties.
“When Elliott bought AC Milan in 2018, we inherited a club with a long history, but with serious financial problems and mediocre athletic performance,” said Eliot’s managing partner Gordon Singer. “Our plan was simple: to create financial stability and return Milan to where it belongs in European football. Today, I believe we have achieved both.
“As we make this wonderful transition to the next chapter of AC Milan, I want to express our deepest sense of humility, pride and, above all, gratitude for the experience we have shared with every member of the AC Milan family.”
Elliott, who will retain a minority stake in the club, seemed about to sell Milan to a private investment company based in Bahrain, but exclusive talks were recently halted after it failed to reach a commercial deal with Investcorp.
This paved the way for RedBird’s entry, and the Cardinal was depicted celebrating the triumph of the Milan title in front of the city’s iconic cathedral in Piazza Duomo with thousands of fans.
“I want to thank Gordon Singer and the whole Elliott team for the great work they have done over the last four years to rebuild Milan and return it to its rightful place at the top of Serie A,” said Cardinale.
“RedBird’s investment philosophy and team experience have shown that football clubs can be successful on the field and sustainable outside.”
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