Serie A champions AC Milan are set to be sold to US consortium RedBird Capital for US $ 1.3 billion (C $ 1.64 billion). The two parties reached a preliminary agreement.
AC Milan said on Wednesday that RedBird is expected to complete the purchase of the club from another US consortium, Elliott Management, in September.
The team is emerging from a difficult decade. He returns to the Champions League this season after a seven -year absence, winning his first Italian league title in 11 years in May.
The agreement formalized on Wednesday provides for the retention of a minority stake in Elliott, which cleaned up finances and restored the sporting credibility of a club that drifted at the end of Berlusconi’s season (1986-2017).
RedBird’s priority is to provide a continuation of AC Milan’s journey, aiming to get back to the top of the football worldensures the press release confirming this operation.
RedBird is present in the world of sports marketing in North America, but is also active in Europe, through a minority stake in Liverpool club and has control since 2020 of Toulouse FC (85% of the shares), which has been promoted just in Ligue 1.
For RedBird Capital president, Italian -origin financier Gerry Cardinale, in addition to AC Milan’s brand image, the interest of the operation is based on the new stadium project. Synonymous with increased ticketing revenue, the new enclosure will replace the San Siro stadium after 2026.
AC Milan have won 19 Italian league titles and the Champions League title seven times.
Along with veteran Zlatan Ibrahimovic, the rossonero seduce again and the accounts are more presentable.
Our plan is simple: create financial stability and return Milan to its rightful place in European football. I think, it can be said that the same goal has been achievedsaid club chairman Gordon Singer of Elliott Management on Wednesday.
RedBird Capital has shares in Fenway Sports Group, which notably owns Premier League club Liverpool.
Elliott Management has managed AC Milan since 2018, after the former owner of the Chinese team failed to repay the loan.
Former Italian prime minister Silvio Berlusconi led the team for more than 30 years before it was sold to Chinese interests in 2017.
Source: Radio-Canada
