RedBird Capital Agrees to Buy AC Milan in $1.2 Billion Deal

The Italian soccer champion AC Milan has been sold to the US investment company RedBird Capital Partners.AC Milan announced on Wednesday the transfer of ownership of the club to the American company Red Bird Capital, after signing an agreement with the current owner, Elliott Fund. RedBird Capital has reached an agreement to purchase AC Milan in a deal that values the Italian soccer club at $1.2 billionMilan issued an official statement, saying: “Redbird Capital Partners and Elliott Consultants UK announced today that they have entered into a definitive agreement in favor of Redbird to acquire the newly crowned Serie A club AC Milan, which will transfer to new ownership during the summer, with an expected closing date no later than September 2022."The deal, which values the club at €1.2 billion, will see Elliott retain minority financial interests in the club and seats on the board, strengthening the partnership between Red Bird and Elliott that will continue to underpin the progress made under Elliott's supervision over the past four years at the club."
He continued, "Red Bird's priority is to work with the Italian champions and club management to continue Milan's journey to the pinnacle of world football in order to continue its successes, with a combination of a successful team on the field, Milan player development experience and earnings, a world-class business process, and Red's experiences. Byrd, in operating and building the global sports business, will ensure that the next chapter in Milan's hectic history will take the Rossoneri to other heights."
Following the official announcement of Milan’s change of ownership, Gerry Cardinale, founder, and managing partner of RedBird, commented on the acquisition of AC Milan. “We are honored to be a part of AC Milan’s illustrious history and are thrilled to be able to write the next chapter of the Club as it has regained its well-deserved position at the top of the Italian league with a view to future goals at European and global level, “he said. “I would like to thank Gordon Singer and the entire Elliott team for the extraordinary work they have done over the last four years to bring Milan back to the top of the Serie A,” he added. RedBird and the results of the world of sports have shown that football clubs can be successful on the pitch while maintaining a sustainable financial profile. ” “We look forward to starting a long-term partnership with the Club, its management and AC Milan fans around the world to continue to drive AC Milan higher and higher in the coming years,” he concluded.