Another day, another historic soccer club sold. This time, it was Italian Serie A giants AC Milan who have reportedly been purchased by US investment firm RedBird Capital Partners for $1.3B.
AC Milan is fresh off winning the Italian Serie A title for the first time in 11 years, but had recently fallen into a rut since their glory days under former owner Prime Minister Silvio Berlusconi. The Italian club last won the Champions League back in 2007.
Under the terms of the deal, current owners Elliott Management will remain on the board, while retaining a minority investment in the team. AC Milan, which is one of Italy’s most historic clubs, having been formed in 1899, now joins a burgeoning sports portfolio for RedBird Capital.
The New York based investment group already has stakes in the Fenway Sports Group (owners of the Boston Red Sox & Liverpool FC), as well as a majority stake in French soccer club Toulouse, a Ligue 2 club.
In a statement released by RedBird founder and managing partner Gerry Cardinale, the business executive remarked “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.”
“I want to thank 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.”
Club officials expect the transition in ownership to take place over the summer so that the team is set to make a Champion’s League run in 2022-23.