Following Elliott Management’s decision to sell most of their shares, AC Milan has officially confirmed RedBird Capital’s takeover of the club.
On Wednesday morning, the club announced the highly anticipated deal on Twitter and their website.
According to the statement, the transition to new ownership will take place over the summer, with a target closing date of September 2022.
Milan’s statement also confirmed that the deal is worth €1.2 billion and that Elliott will retain a minority financial stake in the club in the future. They’ll also be members of the Board of Directors.
The deal’s overall goal is for Elliott and RedBird Capital to build on the progress made over the last four years while Elliott was the team’s owner.
RedBird’s stated goal is to return Milan to the top of world football, as they explain in their statement.
“RedBird’s priority is to work with the Club’s title-winning sporting and club management team to continue Milan’s journey back to the summit of world football.
“A combination of a successful team on the pitch, Milan’s player development and acquisition expertise, a world-class commercial operation, and RedBird’s experience in operating and building global sports businesses, will ensure that the next chapter in Milan’s storied history will take the Rossoneri to even greater heights.
