American investment firm RedBird Capital Partners has acquired Italian soccer champions AC Milan for €1.2 billion.
RedBird will “continue to invest in all key areas that advance the club’s sporting and commercial interests and build on last season’s successes, which culminated in the Serie A championship,” the company announced on Wednesday.
Elliott, the previous owner, will retain a minority stake. “We will continue to support our talented players, coaches and staff so fans can continue to have an amazing experience at this legendary club,” said Jerry Cardinale, founder of RedBird. In 2018, American hedge fund Elliott took over the club, which was previously owned by former prime minister Silvio Berlusconi for 30 years.
Additionally, Yankee Global Enterprises (YGE), owner of the New York Yankees, the North American baseball champion, will enter into a strategic partnership with the club and hold a minority stake.
RedBird is already active in sports as an investor in Fenway Sports Group, which owns Champions League finalists Liverpool FC and Professional Baseball League MLB’s Boston Red Sox. Additionally, RedBird owns a majority stake in FC Toulouse, which has been promoted to the French Ligue 1.