Redbird enters agreement to acquire Serie A champions AC Milan for Euros 1.2B
Milan [Italy], June 2 (ANI): RedBird Capital on Wednesday entered into a definitive agreement to acquire Associazione Calcio Milan (AC Milan), the newly crowned Champions of Serie A.
The transition to new ownership will take place over the summer, with an expected closing no later than September 2022.
Milan are currently owned by Elliott Advisors, who assumed control at San Siro in 2018 after previous proprietor Li Yonghong defaulted on his debts.
The deal, which values the club at Euros 1.2B, will see Elliott retain a minority financial interest in the club and seats on the Board of Directors, solidifying a partnership between RedBird and Elliott that continues the progress made under Elliott's stewardship over the last four years.
"RedBird's priority is to work with the club's title-winning sporting and club management team to continue Milan's journey back to the summit of world football. A combination of a successful team on the pitch, Milan's player development and acquisition expertise, a world-class commercial operation, and RedBird's experience in operating and building global sports businesses, will ensure that the next chapter in Milan's storied history will take the Rossoneri to even greater heights," Milan in a statement said.
RedBird Founder and Managing Partner Gerry Cardinale said: "We are honoured to be a part of AC Milan's illustrious history and are excited to play a role in the Club's next chapter as it returns to its rightful place at the very top of Italian, European and world football. I want to thank Gordon Singer and the entire Elliott team for the tremendous work they have done over the last four years in rebuilding Milan and returning it to its 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 are looking forward to a long term partnership with the club, its management team and Milanisti around the world to keep propelling Milan in the years to come."
Milan's corporate restructuring comes just over a week after they clinched 2021/22 Serie A. That was Rossoneri's first Serie A title in 11 years. (ANI)
Source: Sports