RedBird Capital Partners has entered into a definitive agreement with Elliott Advisors UK Limited to acquire the newly crowned Champions of Serie A, AC Milan.
The deal, which values the club at €1.2 billion, will see Elliott retain a minority financial interest in the club and seats on the Board of Directors, solidifying a partnership that looks to ‘continue the progress’ made under Elliott’s stewardship over the last four years.
The transition to new ownership is set to take place over summer 2022, with an expected closing no later than September.
Gerry Cardinale, RedBird Founder and Managing Partner, 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.”
The firm has stated that its priority is to work with the club’s sporting and club management team to continue Milan’s journey back to the summit of world football.
Cardinale continued: “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.”
Furthermore, the top-flight team highlighted that it looks to take the partnership further in utilising a combination of its “successful team on the pitch, Milan’s player development and acquisition expertise, commercial operation, and RedBird’s experience in operating and building global sports businesses”.
Elliott Managing Partner, Gordon Singer, added: “When Elliott acquired AC Milan in 2018, we inherited a club with a tremendous history, but with serious financial problems and a mediocre sporting performance. Our plan was simple: to create financial stability, and to return AC Milan to where it belongs in European football.
“Today, I believe we have accomplished both. As we make this remarkable transition to AC Milan’s next chapter, I want 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: We could not have done any of this without you, Il Popolo Milanista.”