US private investment Redbird Capital Partners has reached a “definitive agreement” with another US investment firm, Elliott Advisors UK Limited, to acquire Associazione Calcio Milan (AC Milan) in a deal that values the club Italian football at £1.2 billion.
The club confirmed the deal in a statement indicating that 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 become the majority shareholder of Elliott Advisors UK Limited. The deal would see them take a majority 70% stake in the Italian club, leaving Elliott CEO Paul Singer in charge of the remaining 30%, according to SportsPromedia.
Elliott took control of the Rossoneri in 2018 after former owner Li Yonghong payment default.
RedBird’s priority is to work with the club’s title-winning sporting and management team to continue Milan’s journey to the top of world football.
what do they say?
- RedBird Founder and Managing Partner Gerry Cardinale said: “We are honored to be part of AC Milan’s illustrious history and are delighted to play a part in the next chapter of the Club as it regains its rightful place at the top of Italian, European and world football. to thank Gordon Singer and the entire Elliott team for the tremendous work they have done over the past four years to rebuild Milan and restore them to their 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 look forward to a long-term partnership with the club, its management team and Milanisti around the world to continue to propel Milan into the years to come,” he added.
- Gordon Singer, Managing Partner of Elliott, said:When Elliott acquired AC Milan in 2018, we inherited a club with a great history, but with serious financial problems and poor sporting performance. Our plan was simple: create financial stability and restore AC Milan’s place in European football. Today, I believe we have accomplished both. As we make this remarkable transition into the next chapter of AC Milan, I would like 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. ‘AC Milan: we couldn’t have done all this without you, Il Popolo Milanista’.
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