U.S. investment firm RedBird Capital Partners has agreed a 1.2 billion euro ($1.3 billion) deal to buy Italian soccer champions AC Milan and is aiming to challenge the elite of the European game again.
Under the terms of the deal, current owners Elliott, the U.S. private equity group, will retain a minority investment and seats on the board, the club said on Wednesday.Register now for FREE unlimited access to Reuters.com"We... are excited to play a role in the club's next chapter as it returns to its rightful place at the very top of Italian, European and world football," RedBird founder and managing partner Gerry Cardinale said in a statement.
"RedBird's investment philosophy and track record in team ownership has shown that football clubs can be successful on the pitch and sustainable off it," Cardinale added. Milan were a dominant force in European soccer under the previous ownership of former Prime Minister Silvio Berlusconi but won the Champions League for the last time in 2007.
Milan, European Cup winners seven times, will be looking to strengthen their ranks during the close season to help defend their Italian league title and mount a challenge in the Champions League.