Serie A champions Milan to be sold for $1.3 billion
Thursday, 2 June 2022
MILAN, June 01 (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.