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.

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