RedBird Capital Partners have agreed a deal with fellow US private equity firm Elliott to acquire Italian football giants and title winners AC Milan in a deal that values the side at €1.2 billion ($1.78 billion AUD).
The two parties have confirmed the transition to new ownership, which will take place over the European summer – the deal is expected to close no later than September 2022.
Elliott, which acquired the Serie A club in 2018 when former owner Li Yonghong failed to make loan repayments to the hedge fund, will retain board member seats and minority share in the team.
RedBird, which is overseen by managing partner Gerry Cardinale, says its priority for Milan is to work with the club’s existing title-winning sporting and management team in supporting the Italian champions ongoing resurgence.
Following the acquisition of the historic European powerhouse, Cardinale said in a statement:
“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.”
Elliott managing partner, Gordon Singer, added to the statement:
“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.”
