Elliott to sell Italian soccer club AC Milan to RedBird for $1.3 billion

Redbird Capital Partners have reached a definitive agreement to buy Italy’s AC Milan, the seven-time European football champion that was once owned by former Prime Minister Silvio Berlusconi, according to people familiar with the matter.

Redbird is set to announce the purchase of the club from US investment fund Elliott Management Corp. starting tomorrow, the sources said, asking not to be identified as the discussions are private. The deal could value AC Milan at around 1.2 billion euros ($1.3 billion), the sources said.

Redbird, based in New York and founded by Gerald Cardinale, manages about $6 billion, according to its website. The company is a shareholder of Fenway Sports Group Holdings LLC, owner of English Premier League football club Liverpool FC and American baseball team the Boston Red Sox. It also holds a majority stake in the French football team Toulouse.

Redbird has beaten competition from Middle Eastern asset manager Investcorp in the battle for AC Milan. Known as the Rossoneri, the club are one of the biggest names in European football and have just won the Serie A title this season in Italy.

Dear reader,

Business Standard has always endeavored to provide up-to-date information and commentary on developments that matter to you and that have wider political and economic implications for the country and the world. Your constant encouragement and feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these challenging times stemming from Covid-19, we remain committed to keeping you informed and updated with credible news, authoritative opinions and incisive commentary on relevant topical issues.
However, we have a request.

As we battle the economic impact of the pandemic, we need your support even more so that we can continue to bring you more great content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of bringing you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism we are committed to.

Support quality journalism and subscribe to Business Standard.

digital editor

Comments are closed.