MILAN (AP) — Serie A champion AC Milan is on the verge of being sold to American investment firm RedBird Capital Partners for 1.2 billion euros ($1.3 billion) after the two parties signed a preliminary agreement.
Milan said Wednesday that RedBird is expected to complete the purchase of the storied Italian club from fellow American firm Elliott Management by September, becoming the fourth owner of the team in five years.
“We are honored 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,” RedBird founder and managing partner Gerry Cardinale said.
Seven-time European champion Milan clinched its 19th Serie A title but its first in 11 years last month. The Rossoneri last won the Champions League in 2007.
RedBird has a stake in Fenway Sports Group, which owns English Premier League club Liverpool.
U.S.-based hedge firm Elliott had owned Milan since 2018 after the club’s former Chinese owner failed to repay part of a loan. Former Italian premier Silvio Berlusconi controlled Milan for more than 30 years before selling to the Chinese group in 2017.
Milan had finished sixth a couple of months before Elliott took over. It was also embroiled in a case with UEFA over financial fair play breaches that later saw it voluntarily withdraw from the 2019-2020 Europa League to avoid penalties.
“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,” Elliott managing partner Gordon Singer said. “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.