AC Milan is close to being sold to an American investment firm RedBird Capital Partners for 1.2 billion euros ($1.3 billion) after the two parties signed a preliminary agreement.
This is unfolding shortly after the Italian team edged Inter Milan and Juventus to win the Serie A title in 2022.
Milan announced on Wednesday that RedBird will complete the purchase of the famous Italian club from Elliott Management in September.
“We are honored 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,” RedBird founder and managing partner Gerry Cardinale said.
Last month, Milan won their first Serie A championship in 11 years.
Fenway Sports Group, which owns Liverpool in the English Premier League, is owned by RedBird.
Redbird Capital Partners Management LLC has $1.54 billion in assets under management (AUM), all of which is managed in discretionary accounts.
Elliott, a New York-based hedge fund, has owned Milan since 2018, when the club’s previous Chinese owner defaulted on a loan. Silvio Berlusconi, the former Italian prime minister, owned Milan for more than 30 years before selling it to a Chinese conglomerate in 2017.
What is the total number of titles held by AC Milan?
The Rossoneri have won 49 trophies: 19 Scudetti, 5 Coppe Italia, 7 Supercoppe Italiane, 7 Champions League, 5 Supercoppe Europee, 2 Coppe delle Coppe, 3 Coppe Intercontinentali and 1 FIFA Club World Cup.
When was the last time the club won a trophy?
Stefano Pioli’s men won the Scudetto on May 22, 2022, and that was the Rossoneri’s last trophy.
How many Champions League trophies have AC Milan won?
The Rossoneri have won seven Champions Leagues: In 1962/63, 1968/69, 1988/89, 1989/90, 1993/94, 2002/03 and 2006/07.
When did the Rossoneri win their first Champions League?
AC Milan won their first European trophy in 1962/63 (then known as the European Cup) at Wembley Stadium in London on May 22, 1963. In the final, they defeated Benfica 2-1 thanks to a José Altafini brace.