MILAN (Reuters) -The Italian soccer champions, AC Milan, will be bought for $1.3 billion by the U.S. investment firm RedBird Capital Partners, the club said Wednesday. The current owners, Elliott, will keep a small stake in the team.
The club said in a statement that the change in ownership will happen over the summer, and the deal should be finalized no later than September.
Milan just won the Serie A league championship in Italy for the first time in 11 years.
Gerry Cardinale, the founder and managing partner of RedBird, said in a statement, “We are honored to be a part of AC Milan’s illustrious history, and we are excited to be a part of the club’s next chapter as it returns to its rightful place at the very top of Italian, European, and world football.”
RedBird has already invested in Fenway Sports Group, which owns the soccer team Liverpool FC and the baseball team Boston Red Sox. RedBird also owns a large share of the French soccer team Toulouse.
Cardinale added, “RedBird’s investment philosophy and track record as a team owner have shown that football clubs can be successful on the field and profitable elsewhere.”
(1 dollar = 0.9325 euros)