Serie A
Milan: The sale to RedBird Capital Partners has been announced
RedBird will become Milan’s new major shareholder, the club announced on Wednesday morning.
The change of sides in Milan was finally agreed and only the formalities remain for RedBird Capital Partners to become the club’s main shareholder.
The Italian champions announced that the owner company Elliott Advisors UK Limited has reached an agreement with the investment company, also based in New York, to transfer the majority stake.
According to the announcement, the two companies have reached a “final agreement,” with the purchase closing in the summer and no later than September.
“The agreement, which values the club at €1,200,000,000, will retain Elliott in the role of minor shareholder and with positions on the board,” the announcement adds.
“We are honored to be part of Milan’s glorious history and look forward to playing a role in the club’s next chapter as they return to the top of Italian, European and world football. I would like to thank Gordon Singer and the whole Elliott team for the amazing job they have done over the last four years in rebuilding Milan and getting it back where it deserves, at the forefront of Serie A. RedBird’s investment philosophy and team responsibility have shown that football clubs “We are successful on the pitch and sustainable off it. We look forward to a long-term partnership with the club, the management team and Milan fans around the world as we continue to push Milan forward in the years to come be able.” said RedBird founder and CEO Jerry Cardinale.
Its Elliott counterpart, now holding 30% of the shares, offers: “When Elliott took over AC Milan in 2018, we took over a club with an amazing history but with serious financial problems and mediocre sporting performance. Our plan was simple: create financial stability and put Milan back where they belong in European football. Today I believe we have achieved both as we make this transition to the new chapter of Milan I would like to express our pride and most importantly our gratitude for the experiences we have shared with each member of the Milan family without you” .
Source: sport 24
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