American group RedBird have now completed the takeover of Milan, who now have former owners Elliot Management as their minority shareholders.
A club statement has confirmed the takeover, claiming that RedBird have paid €1.2 billion to buy the majority stakes in the Rossoneri, only days after their Scudetto win following a win over Sassuolo two weeks ago.
The club have confirmed that the transition to the new ownership will take place over the summer, with an expected closing expected to be no later than September 2022. While Elliot will retain a minor stake in the club, they also have some seats on the Board of Directors, essentially ‘solidifying’ a partnership between RedBird and Elliott.
RedBird founder Gerry Cardinale told: “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. 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.”
This takeover comes after Milan had initially been linked with a move from Investcorp, who later pulled out of talks with Elliot following an ultimatum. RedBird came in and sealed the deal for the Rossoneri.