Milan sold to US investment group RedBird Capital for 1.2 billion euros

The sale and transfer transactions are planned to be completed by September at the latest.

The deal includes Elliott retaining a minority stake in the club and being represented on the board.

WAS MANAGED BY BERLUSCONI FOR 30 YEARS

The Fininvest company of Silvio Berlusconi, one of the former prime ministers and richest names of Italy, sold AC Milan, which it held for 30 years, to a consortium led by Chinese businessman Li Yonghong in 2017.

However, management passed to Elliott in 2018 when Li failed to pay the loan he received from the investment firm Elliott Management for this sale.

After rumors of the sale of AC Milan in recent weeks, today’s statement confirms that the final deal has been reached.

Elliott Managing Partner Gordon Singer said: “When Elliott bought AC Milan in 2018, we took over a club with a tremendous track record but serious financial problems and mediocre sporting performance. Our plan was simple: to create financial stability and keep AC Milan where it belongs in European football. “I believe we achieved both today,” he said.

Gerry Cardinale, founder and managing partner of the club’s new owner, RedBird Capital, also thanked Elliott management for “rebuilding Milan to the top of Serie A with great work over the last 4 years”.

“We are honored to be a part of AC Milan’s glorious history. We are excited to play a role in the new era as the club returns to its rightful place at the pinnacle of Italian, European and world football,” said Cardinale.

AC Milan had won the Serie A title at the end of this season after an 11-year hiatus.

The club has won 19 Serie A titles to date; He won the Champions League 7 times and the UEFA Super Cup 5 times.