Serie A: AC Milan changes hands for 1.2 billion euros

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Corner flag with the AC logo

Photo: MIGUEL MEDINA / AFP

The Italian Serie A club AC Milan has a new owner.

The US investment firm RedBird Capital Partners has agreed a €1.2 billion takeover with the current Italian football champions, the club said.

Current owner Elliott Advisers UK Limited is said to have invested around €740m in the club over four years and will remain with the Rossoneri with a minority stake.

AC Milan last season won the Italian Serie A title for the first time in eleven years.

"We are honored to be part of AC Milan's illustrious history and look forward to playing a role in the club's next chapter as it returns to the top of Italian, European and world football," said RedBird founders and Managing Partner Gerry Cardinale in a statement.

The transition to the new owners will take place over the summer, with the transaction expected to close by September at the latest, the club's statement said.

RedBird also invests in Liverpool FC and Boston Red Sox

RedBird is already an investor in Fenway Sports Group, which owns Liverpool FC and the Boston Red Sox baseball team.

RedBird also holds a majority stake in French football club Toulouse.

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