AC Milan said Wednesday that investment fund RedBird had completed the acquisition of the Italian champions from rival US group Elliott Management for 1.2 billion euros ($1.3 billion).

Serie A giants Milan said in their statement  Major League Baseball giants the New York Yankees will also have a “minority equity stake” in Milan, who won their first Serie A title in 11 years last season, through their owners Yankee Global Enterprises.

“We will support our talented players, coaches and staff to deliver success on the pitch,” said RedBird’s founder Gerry Cardinale in the statement.

“We will look to leverage our global sports and media network, our analytics expertise, our track record in sports stadium developments and hospitality to deliver one goal – maintaining Milan’s place at the summit of European and world football.”

Click here for full story

Sign up to our free newsletters

Get the best updates straight to your inbox:
Please select at least one mailing list.

You can unsubscribe at any time by clicking the link in the footer of our emails. We use Mailchimp as our marketing platform. By subscribing, you acknowledge that your information will be transferred to Mailchimp for processing.