US investment fund RedBird to buy Serie A champions AC Milan

Rome (AFP) – AC Milan said Wednesday that its current entrepreneurs, expenditure fund Elliott Administration, have agreed to provide the recently-topped Italian A champions to rival fund RedBird for 1.2 billion euros ($1.3 billion).

“The changeover to new possession will acquire location over the summertime, with an anticipated closing no afterwards than September 2022,” the club claimed in a statement, adding that, underneath the terms of the deal, Elliott will “retain a minority economic desire in the club and seats on the board of administrators.”

Elliott Administration acquired the Italian club in 2018 when Chinese businessman Li Yonghong was not able to repay a personal loan he experienced taken out when he bought the club from Silvio Berlusconi’s Fininvest in 2017.

In April, Italian media described fascination from Bahrain-based mostly investment decision fund Investcorp, but the talks ended without the need of a deal at the conclusion of May.

Italian media noted that the deal among Elliott and Investcorp collapsed as 7-time European champions Milan’s house owners pushed for a greater order value off the again of the Scudetto.

The Gazzetta Dello Activity said Investcorp would not budge from a value of around 1 billion euros they thought experienced been agreed and by now see as an overvaluation.

And RedBird not only made available a bigger payment, they also allowed Elliott to stay minority shareholders and keep equally sporting administrators Paolo Maldini and Frederic Massara in put.

Elliott issued a “Letter of Gratitude” to the Milan lovers round the world.

“We make this changeover sensation a deep perception of humility and pride -– and most of all, gratitude for the activities we have shared with the club, with the Town of Milan, and with all of you.

“For your unrelenting passion, perception, and energy, we thank just about every member of the AC Milan family members.”

It rounds off very a year for Milan, who ended an 11-yr hiatus in becoming topped Serie A champions previous month, ending two factors very clear of their town rivals Inter.