The investment company Redbird Capital, which has connections to the New York Yankees and Boston Red Sox, paid 1.2 billion euros to purchase the Italian powerhouse AC Milan.
The long-awaited sale, which was officially announced on Wednesday, represents a significant windfall for hedge fund Elliot, which purchased the Milan club in 2018 after the club’s previous owner Li Yonghong failed to repay the hedge fund for a loan. Elliot will continue to own a small portion of the club.
“Our vision for Milan is clear: we will support our talented players, coaches and staff to deliver success on the pitch and allow our fans to share in the extraordinary experiences of this historic club,” said Gerry Cardinale, managing partner and founder of RedBird.
“We will look to leverage our global sports and media network, our analytics expertise, our track record in sports stadium developments and hospitality to deliver one goal – maintaining Milan’s place at the summit of European and world football.”
“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.”
With the addition of AC Milan, RedBird’s sports portfolio now includes Toulouse FC, the Rajasthan Royals in cricket, and the Fenway Sports Group.
AC Milan won the league championship last year for the first time in 11 years. The club is attempting to reestablish its connection to the elite of Europe after a decade of decline and has qualified for the Champions League for the first time since 2014.
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