Redbird Capital Completes Takeover of AC Milan

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.