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Italian Series A league champions AC Milan will have new owners, as U.S. investment firm RedBird Capital Partners has agreed to buy the club for $1.3 billion. The deal is expected to be finalized by September.
AC Milan won the league title for the 19th time last month, but for the first time since 2007.
“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,” RedBird founder and managing partner Gerry Cardinale said in a statement.
Elliot Advisors UK Limited, which has owned the club since 2018, will retain a minority stake.
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“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,” said Elliott managing partner Gordon Singer. “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.”
RedBird is an investor in the Fenway Sports Group, which owns Liverpool, as well as the Toulouse Football Club.
“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,” Cardinale continued.
It’s the second major sale of a soccer club in recent days, as the British government approved the sale of Chelsea Football Club last week.
The sale ends a 19-year of ownership by Russian billionaire Roman Abramovich, who was sanctioned by the British government following Russia’s invasion of Ukraine.
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“Given the sanctions we placed on those linked to Putin and the bloody invasion of Ukraine, the long-term future of the club can only be secured under a new owner,” British Culture Secretary Nadine Dorries said. “We are satisfied the proceeds of the sale will not benefit Roman Abramovich or other sanctioned individuals.”
The Associated Press contributed to this report.