It has now been confirmed that RedBird is the official owner of AC Milan after completing a €1.2billion takeover; Lebron James and the Yankees also bought stakes. An official statement issued by AC Milan confirmed the ownership transition on Wednesday, August 31, 2022.
Italian giants and 2021/22 Serie A champions AC Milan have gotten new owners as the Elliot Advisors finally hand off the club to RedBird, another American investment firm with property worth billions of dollars.
The two parties agreed on July 1, 2022, to effect necessary steps toward the ownership transition. As was expected and planned by both parties, the transition was completed on the last day of August.
In an official statement released by the Rossoneri, Elliot was to continue holding minority shares in AC Milan and will be sitting on the Board of Directors after a full takeover by RedBird. The deal was valued at €1.2billion, and the relationship between Elliot and RedBird will be fostered through good partnership and continuity from their gains of Elliot at the club.
Recall that under Elliot, AC Milan ended an 11 years wait for the Scudetto. RedBird and Elliot will continue to partner in various aspects of development at the club.
According to the prepared report issued by AC Milan on June 1, 2022, Redbird will be expected to work with the title-winning sporting and management teams at the club to drive the Rossoneri back to the summit of the game.
Takeover Completed
Two months after the Rossoneri issued the statements in sequence with a planned take of the club, the deal has finally been completed. A report released officially by the club indicated the €1.2b deal had been completed. RedBird also confirmed the development as they added the Italian club to a long list of global sports and investments engineered by the group.
RedBird owns other sports and entertainment outfits across the globe. English Premier League giants Liverpool and Toulouse FC of France are on the long list of their investments.
The two parties agreed on July 1, 2022, to effect necessary steps toward the ownership transition.
In an official statement released by the Rossoneri, Elliot would continue holding minority shares in AC Milan and will be sitting on the Board of Directors after a full takeover by RedBird. The deal was valued at €1.2b, and the relationship between Elliot and RedBird will be fostered through good partnership and continuity from the gains Elliot made at the club. Recall that under Elliot, AC Milan ended an 11 years wait for the Scudetto. RedBird and Elliot will continue to partner in various aspects of development at the club.
Talking Point: A Partnership Of The World’s Most Valuable Franchises
RedBird is not the only actor in the AC Milan takeover; Yankee Global Enterprises (YGE), the owners of the New York Yankees, one of the world’s richest sports franchises, will join RedBird to take a minority stake at the club. Lebron James’ California bank Main Street Advisors are also a part of the deal.
According to Forbes, the AC Milan takeover will represent one of the most valuable sports partnerships the world has ever witnessed in history. The Yankees’ estimated worth is $6 billion (6th most valuable); Lebron James’ $121.2m, and AC Milan’s is valued at $1.2 billion (14th most valuable sports club in the world).
Meanwhile, RedBird managing director and founder Cardinale have expressed his delight in joining AC Milan’s great history as an owner. He has pledged his commitment to driving the club towards more victorious years ahead. Cardinale celebrated AC Milan’s Scudetto with the fans after a 3-0 victory over Sassuolo.
After 31 years of Berlusconi, Chinese entrepreneur Li Yonghong took over the club and sold his stakes to Elliot after just a year. Elliot has made some progress with the Italian giants, winning the Scudetto and qualifying for the Champions League for two consecutive seasons.
AC Milan fans will be on the lookout to see what this new mega-merger and takeover overseen by RedBird will bring the team.
