RedBird Capital Partners, the US private equity firm that holds an 11% stake in Liverpool owners Fenway Sports Group, are expected to close on their deal to acquire Italian giants AC Milan in the coming weeks.
The New York-based firm, founded by managing partner Gerry Cardinale, reached an agreement to acquire the Serie A champions from current owners Elliott Management back in June in a deal worth €1.3bn (£1.1bn). Contracts were signed and full control was set to begin from September, with Elliott Management retaining a minority shareholding as part of the deal.
The deal to acquire AC Milan is the biggest sporting acquisition to date for RedBird, a fund that manages over £6bn in assets globally. RedBird bought French side Toulouse in the summer of 2020, returning them to the top tier this summer with former Liverpool sporting director Damien Comolli overseeing the revolution. They also took a stake in Indian Premier League cricket side Rajasthan Royals as well as purchasing the rights to the XFL in the US, a competition designed fill the void in the NFL off-season.
Read more: Echo
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