The US investment firm RedBird Capital Partners has completed its takeover of Italian champions AC Milan. The firm is no stranger to sports investing
RedBird says it will continue to “invest in all key areas that further the club’s sporting and commercial interests and build on last season’s successes, which culminated in the Serie A championship”, the company announced on Wednesday. Current owner Elliott is to retain a minority stake.
“We will continue to support our talented players, coaches and staff so that fans can enjoy more extraordinary experiences with this tradition-rich club,” said Gerry Cardinale, founder of RedBird. The Rossoneri are set to be established at the top of European football.
In 2018, US hedge fund Elliott had taken over the club, which had previously been owned by ex-prime minister Silvio Berlusconi for 30 years.
In addition, Yankee Global Enterprises (YGE), owner of the record-breaking North American baseball champions New York Yankees, will form a strategic partnership with the club and hold a minority stake.
RedBird is already active in sports, including as an investor in Fenway Sports Group, which owns Champions League finalists Liverpool FC and the Boston Red Sox of the MLB professional baseball league. RedBird also holds the majority of shares in the French Ligue 1 team FC Toulouse.
Milan’s sporting fortunes have been good of late, with local rivals Inter knocked off their throne last season. In the Champions League, Stefano Pioli’s team has been drawn in a feasible group with Chelsea, RB Salzburg and Dinamo Zagreb.