Redbird Capital Buys Italian Football Club AC Milan for $1.29 Billion, Shareholder of Fenway Sports Which Owns Liverpool & Boston Red Sox
3rd June 2022 | Hong Kong
Redbird Capital, founded by former Goldman Sachs banker Gerry Cardinale, is buying Italian football club AC Milan for $1.29 billion (EUR 1.2 billion) from Elliott Management. Redbird Capital has also recently acquired a 10% stake in Fenway Sports Group, which also owns Liverpool football club and baseball club Boston Red Sox. AC Milan is the newly crowned Champions of Serie A (2022), and is one of Italy’s most popular football club alongside Juventus and Inter Milan. The transition to new ownership will take place over the summer, with an expected closing no later than September 2022. Elliott Management will retain a minority financial interest in the club and seats on the Board of Directors.
“ Redbird Capital Buys Italian Football Club AC Milan for $1.29 Billion, Shareholder of Fenway Sports Which Owns Liverpool & Boston Red Sox “
RedBird Capital, Elliott Management
RedBird Founder and Managing Partner Gerry Cardinale said: “We are honoured to be a part of AC Milan’s illustrious history and 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. I want to thank Gordon Singer and the entire Elliott team for the tremendous work they have done over the last four years in rebuilding Milan and returning it to its rightful place at the top of Serie A. 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 – we are looking forward to a long term partnership with the club, its management team and Milanisti around the world to keep propelling Milan in the years to come.”
Elliott Managing Partner Gordon Singer commented: “When Elliott acquired AC Milan in 2018, we inherited a club with a tremendous history, but with serious financial problems and a mediocre sporting performance. Our plan was simple: to create financial stability, and to return AC Milan to where it belongs in European football. Today, I believe we have accomplished both. As we make this remarkable transition to AC Milan’s next chapter, I want to express our deepest sense of humility, pride and above all gratitude for the experiences we have shared with each member of the AC Milan family: We could not have done any of this without you, Il Popolo Milanista”.
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