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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