US investment fund RedBird to buy Serie A champions AC Milan

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ROME: AC Milan said on Wednesday (Jun 1) that its current owners, investment fund Elliott Management, have agreed to sell the newly crowned Serie A champions to rival fund RedBird for €1.2 billion (US$1.3 billion). \u0022The transition to new ownership will take place over the summer, with an expect

ROME: AC Milan said on Wednesday that its current owners, investment fund Elliott Management, have agreed to sell the newly crowned Serie A champions to rival fund RedBird for €1.2 billion .

Elliott Management acquired the Italian club in 2018 when Chinese businessman Li Yonghong was unable to repay a loan he had taken out when he bought the club from Silvio Berlusconi's Fininvest in 2017. Italian media reported that the deal between Elliott and Investcorp collapsed as seven-time European champions Milan's owners pushed for a higher purchase price off the back of the Scudetto.

 

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