June 1 – Italian Serie A champions will have a new owner next season after US investors Elliott Management agreed to sell to fellow US investment group RedBird Capital in a €1.2 billion deal.
Elliott – who took control of the club in 2018 when Yonghong Li failed to repay a €32 million loan to complete his acquisition from Silvio Berlusconi – will retain a minority financial interest and seats on the board.
RedBird, is led by former Goldman Sachs banker Gerry Cardinale, and about a year ago bought a 10% stake in Fenway Sports Group, the holding company that owns Liverpool and Major League Baseball’s Boston Red Sox.
AC Milan’s turnaround from financial and performance mediocrity, to economic stability and a Serie A title has been remarkable.
RedBird said that it would be retaining the club’s core management – chief executive Ivan Gazidis, chief revenue officer Casper Stylsvig and technical director Paolo Maldini – and that its priority is to “continue Milan’s journey back to the summit of world football”.
“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. I want to thank Gordon Singer and the entire Elliott team for the tremendous work they have done over the last four years in rebuilding Milan and returning it to its rightful place at the top of Serie A,” said Cardinale.
“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.”
Elliott Managing Partner Gordon Singer, commenting on the four-year journey the club has taken under their ownership, said: “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. 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.
“ As we make this remarkable transition to AC Milan’s next chapter, I want to express our deepest sense of humility, pride and above all gratitude for the experiences we have shared with each member of the AC Milan family: We could not have done any of this without you, Il Popolo Milanista.”
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