AC Milan said Wednesday that its current owners, investment fund Elliott Management, have agreed to sell the newly-crowned Italian A champions to rival fund RedBird for 1.2 billion euros ($1.3 billion).
“The transition to new ownership will take place over the summer, with an expected closing no later than September 2022,” the club said in a statement, adding that, under the terms of the deal, Elliott will “retain a minority financial interest in the club and seats on the board of directors.”
Elliott Management acquired the Italian club in 2018 when Chinese businessman Li Yonghong was unable to repay a loan he had taken out when he bought the club from Silvio Berlusconi’s Fininvest in 2017.
In April, Italian media reported interest from Bahrain-based investment fund Investcorp, but the talks ended without a deal at the end of May.