Redbird to buy Italy’s AC Milan Football club for €1.2bn

Elliot Management has agreed to sell AC Milan to Redbird Capital, the former Goldman Sachs banker, for €1.2bn deal that ends a four-year foray into the business of sport. Under the deal, Elliot will retain a minority stake in AC Milan and is likely to keep a board seat. The deal also underlines US investors’ penchant for Italian football, with Atlanta, Florentina, Genoa, AS Roma, Sports Calcio, Parma Calcio,  and Venezia all having Us owners or investors.

Elliot seized control of AC Milan from Chinese businessman Li Yonghong in 2018 after he defaulted on the more than  €300m in high-interest loans from the firm he had used to buy the club from Italy’s former minister, media tycoon Silvio Berlusconi.