Redbird Capital Partners has reached a last settlement to purchase Italy’s AC Milan, the seven-time European football champion as soon as owned by former Prime Minister Silvio Berlusconi, in accordance to individuals conversant in the matter.
Redbird is about to announce the acquisition of the club from U.S. funding fund Elliott Management Corp. as early as tomorrow, the individuals mentioned, asking not to be recognized as a result of discussions are non-public. The transaction could worth AC Milan at about 1.2 billion euros ($1.3 billion), the individuals mentioned.
New York-based Redbird, based by Gerald Cardinale, manages about $6 billion, in accordance to its web site. The agency is a shareholder in Fenway Sports Group Holdings LLC, the proprietor of English Premier League football club Liverpool FC and the Boston Red Sox US baseball crew. It additionally holds a controlling stake in French football crew Toulouse.
Redbird beat out competitors from Middle East asset supervisor Investcorp within the battle for AC Milan. Known because the Rossoneri, the club is among the greatest names in European football and simply received this season’s Serie A title in Italy.