American fund Redbird buys AC Milan for 1.2 billion euros

AC Milan changes ownership, but remains in the fold of Uncle Sam. The American fund Redbird finalized on Wednesday the acquisition of the Italian club for 1.2 billion euros, owned since 2018 by Elliott Management, another US fund.

« RedBird Capital Partners announced today that it has completed the acquisition of Associazione Calcio Milan for 1.2 billion euros », indicated the club with seven victories in the Champions League (Italian record), crowned in May for the 19th time in its history champion of Italy. Gerry Cardinale, the boss of RedBird, indicates in this press release that he wants to « maintain Milan’s place at the top of European and world football ».

AC Milan also indicates that Yankee Global Enterprises (YGE), owner of the New York Yankees, « one of the most valuable sports franchises in the world », must enter into « a strategic partnership with the club with a minority stake in the ‘AC Milan. « We have a decades-long relationship with the New York Yankees and the Steinbrenner family that has resulted in some of the most successful businesses in sports, » said Gerry Cardinale.

Regained attractiveness

RedBird is present in the sports world in North America, but is also already active in Europe, through a minority stake in the English club of Liverpool but also with the control since 2020 of Toulouse, promoted in Ligue 1. It is also associated to a Californian fund, Main Street Advisors, headed by businessman Paul Wachter, and counting basketball star LeBron James, music producer Jimmy Iovine and rapper Drake among its own associates.

This operation confirms the attractiveness of Italian football in the eyes of North American investors: more than a third of Serie A clubs were American or Canadian owned last season (AS Roma, Bologna, Fiorentina, Venice, La Spezia, Genoa and partly Atalanta Bergamo).

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