AC Milan: the American investment fund completes the takeover for €1.2 billion

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AC Milan announced on Wednesday that investment fund RedBird had completed the acquisition of the Italian champions from rival US group Elliott Management for 1.2 billion euros.

Serie A giants Milan said in their statement that Major League Baseball giants New York Yankees would also have a "minority stake" in Milan, which won its first league title. Serie A in 11 years last season, through their owners. Yankee World Companies.

"We will support our talented players, coaches and staff to succeed on the pitch," RedBird founder Gerry Cardinale said in the statement.

"We will seek to leverage our global sports and media network, our analytical expertise, our track record in sports stadium development and hospitality to achieve one goal: to maintain Milan's place at the top of European and world football."

RedBird's purchase of Milan comes after they bought a minority stake last year in Fenway Sports Group, owners of Liverpool and MLB team Boston Red Sox and a majority stake in the French club of Ligue 1 Toulouse in 2020.

Elliott acquired Milan in 2018 when Chinese businessman Li Yonghong was unable to repay a loan he took out when he bought the club from Silvio Berlusconi's Fininvest in 2017.

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Former Italian Prime Minister Berlusconi had owned the club since 1986, and in the three decades that followed, built Milan into a world footballing powerhouse, crowned European champions five times between 1989 and 2007.< /p>

Milan had been struggling with financial problems and lackluster performances on the pitch after winning the championship in 2011, with a second-place finish in 2021 heralding their return as trophy challengers.

They reported losses for this season of 96 million euros, compared to a deficit of 195 million euros in 2020. The accounts for last season have not yet been published.