RedBird purchase of AC Milan made official

Ac Milan lift up the Serie A trophy during U.S. Sassuolo Calcio against AC Milan, Serie A, at Mapei Stadium on May 22th, 2022.

AC Milan officially confirmed on Wednesday that New York-based private investment company RedBird has signed an agreement to but the seven-time European champions and current Serie A champs AC Milan from another US financial firm, the Elliott Group.

AC Milan fans are still celebrating their team's 19th Serie A crown and their first scudetto since 2011.

It is also the first Serie A title since former Italian premier Silvio Berlusconi sold the club in 2016.

The deal, which values the club at 1.2 billion euros, will see Elliott retain a minority financial interest in the club.

"We are honoured to be a part of AC Milan's illustrious history and 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," said RedBird Founder and Managing Partner Gerry Cardinale.

 "I want to thank (Elliott Managing Partner) Gordon Singer and the entire Elliott team for the tremendous work they have done over the last four years in rebuilding Milan and returning it to its rightful place at the top of Serie A.

 "RedBird's investment philosophy and track record in team ownership has shown that football clubs can be successful on the pitch and sustainable off it - we are looking forward to a long term partnership with the club, its management team and Milanisti around the world to keep propelling Milan in the years to come."

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