American funding agency RedBird Capital have reached an settlement to purchase AC Milan for a reported €1.2 billion ($1.3bn).
The transition to new possession will happen over the summer season, with an anticipated closing no later than September 2022.
The newly-crowned Serie A champions confirmed the most recent growth in an announcement on Wednesday.
“We’re honoured to be part of AC Milan’s illustrious historical past and are excited to play a task within the membership’s subsequent chapter because it returns to its rightful place on the very high of Italian, European, and world soccer.” stated RedBird founder Gerry Cardinale.
“When Elliott acquired AC Milan in 2018, we inherited a membership with an incredible historical past, however with severe monetary issues and a mediocre sporting efficiency,” he added.
“Our plan was easy: to create monetary stability, and to return AC Milan to the place it belongs in European soccer. Right this moment, I imagine we have now achieved each.”
Elliot took over the San Siro-based membership in 2018 after the earlier proprietor Li Yonghong defaulted on his money owed.
The deal will nevertheless see Eliott retain a minority monetary curiosity within the membership and seats on the Board of Administrators.
RedBird additionally owns a stake in Fenway Sports activities Group – the agency that accomplished a €352 million takeover at Liverpool again in 2010.
