The Liverpool-linked firm will take over Milan as majority shareholders.
AC Milan have confirmed they have reached an agreement with American investment firm RedBird Capital as the club’s new owners.
RedBird will pay €1.2 billion to take over Milan while former owners, Elliot Advisers, will retain a minority stake at the club.
“We are honoured to be a part of AC Milan’s illustrious history,” RedBird founder Gerry Cardinale said.
“And we 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.”
The sale comes after Rossoneri claimed their first Serie A title after 11 years last season. Elliot have reportedly started their search mid-season, with Bahrain’s Investcorp being among the candidates to take over the club.
The new owners, RedBird, also own a stake in Fenway Sports Group, who took over Liverpool in 2010. Their ownership of Milan is the latest example of American investors piling into Italian football clubs. Atalanta, Fiorentina, Genoa, AS Roma, Spezia, Parma and Venezia all have owners from US.
Elliot’s managing partner Gordon Singer said: “When Elliott acquired AC Milan in 2018, we inherited a club with a tremendous history. But we had 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.”
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