AC Milan

AC Milan: RedBird agree €1.2bn takeover from Elliott

Tom Gott
RedBird have agreed to buy AC Milan
RedBird have agreed to buy AC Milan / Giuseppe Bellini/GettyImages
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AC Milan have confirmed that US investment firm RedBird have agreed a deal to buy the Serie A champions from current owners Elliott Management.

Talks have been ongoing for a while now but a €1.2bn deal has finally been agreed, with Milan confirming that the transition to new ownership will take place over the summer and is expected to be completed by September.

As part of the deal, Elliott will maintain a minority financial interest in the club and seats on the Board of Directors.

"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," said RedBird founder Gerry Cardinale.

"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's 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."

With new ownership now in place, Milan are set to get started on their summer transfer business, with Lille duo Renato Sanches and Sven Botman high on their wish list.

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