AC Milan has officially confirmed RedBird Capital’s takeover of the club after Elliott Management decided to sell the majority of their shares.
The club announced the highly-anticipated deal on Twitter and their website on Wednesday morning.
The statement says that the transition to the new ownership will take place over the summer with an expected closing date of no later than September 2022.
The statement from Milan also confirmed that the deal comes to €1.2 billion and will see Elliott retain a minority financial interest in the club going forward. They will also hold seats on the Board of Directors.
The overall aim of the deal is for Elliott and RedBird Capital to continue the progress that has been made over the past four years whilst Elliott have been the owners.
The stated aim by RedBird is of course to restore Milan back to the top of world football as they explain in the statement.
“RedBird’s priority is to work with the Club’s title-winning sporting and club management team to continue Milan’s journey back to the summit of world football.
“A combination of a successful team on the pitch, Milan’s player development and acquisition expertise, a world-class commercial operation, and RedBird’s experience in operating and building global sports businesses, will ensure that the next chapter in Milan’s storied history will take the Rossoneri to even greater heights.