US investment fund RedBird to buy Serie A champions AC Milan

Rome – AC Milan said Wednesday that its current owners, investment fund Elliot Advisors, 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, Elliot will “retain a minority financial interest in the club and seats on the board of directors.”