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American Investment Firm Redbird to Purchase Serie A Champion A.C. Milan for $1.3B

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Less than two weeks after celebrating AC Milan’s league title win with thousands of fans, Gerry Cardinale is on the verge of becoming the new owner of the storied Serie A club.

“We spent a couple of hours going through the museum and I was really struck by the history that is here,” he said. “You don’t have that kind of history in America, but there is a rich history here.RedBird also has a stake in Fenway Sports Group, which owns English Premier League club Liverpool as well as the Boston Red Sox in the U.S.U.S.-based hedge firm Elliott has owned Milan since 2018 after the club’s former Chinese owner failed to repay part of a loan.

“This is a winning culture. It is a winning history. I hate losing. I want to win. Now, sports today is different than when I started 25 years ago. Sports today is big business, there’s a lot of capital coming into sports, our job is to be responsible stewards, not just stewards.” “When Elliott acquired AC Milan in 2018, we inherited a club with a tremendous history, but with serious financial problems and a mediocre sporting performance,” Elliott managing partner Gordon Singer said. “Our plan was simple: to create financial stability, and to return AC Milan to where it belongs in European football. Today, I believe we have accomplished both.

 

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