American investment firm RedBird Capital reach agreement to buy AC Milan

SportsCafe Desk

BySportsCafe Desk, SportsCafe Editor

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Italian club AC Milan have confirmed that American investment firm RedBird Capital have reached an agreement to buy the Italian club for €1.2 billion and will look to make the deal official in the summer. Milan will undergo a wide variety of changes on the back of their Serie A triumph.

AC Milan won their first Serie A title since 201, the 19th in their history as they overtook city rivals, and last year's champions, Inter by two points. The Serie A side were not expected to contend for the trophy and much less win although Stefano Pioli orchestrated a masterful run to win the Scudetto for the side.

The Italian club was welcome to more positive news on the back of a successful season as they are set to be taken over by Liverpool-linked American investment firm RedBird Capital for a fee of €1.2 billion. 

The iconic Italian club was bought by Italy's former prime minister Silvio Berlusconi for three decades until the club was acquired by Li Yonghong. The Chinese businessman was unable to repay a loan he had taken out when he bought the club and Elliot Management acquired the Italian club under their portfolio in 2018.

Elliott have been seeking a new buyer for the club for several months and a deal has been struck between RedBird, who also own a stake in Fenway Sports Group - the firm that completed a €352 million (£300m/$378m) takeover at Liverpool back in 2010. 

The Italian club confirmed that the new owners will be ushered in over the summer with the deal likely to finalize no later than September. RedBird founder Gerry Cardinale spoke on the purchase of the club.

“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," he told GOAL.

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