Redbird Capital Partners has agreed to buy Italy’s AC Milan for 1.2 billion euros ($1.3 billion), becoming the latest in a growing number of private equity firms taking charge of Europe’s elite football teams.
US-based Redbird is acquiring a controlling stake in the seven-time European champions from hedge fund Elliott Management Corp., it said in a statement Wednesday that confirmed earlier Bloomberg News reporting. Elliott, which bought AC Milan in 2018, will retain a minority interest in the club and seats on its board.
Founded by Gerald Cardinale, Redbird manages about $6 billion in assets and is a shareholder in Fenway Sports Group Holdings LLC, the owner of English Premier League football club Liverpool FC and the Boston Red Sox US baseball team. It also holds a stake in French football team Toulouse.
Read more: BNN Bloomberg
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