Serie A champions Milan will be sold to RedBird for $ 1.3 billion

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 the American firm Elliott Management by September.

“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.

Milan won their first Serie A title in 11 years last month.

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.

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