US investment firm completes purchase of AC Milan

By Muhammed Enes Calli

ANKARA (AA) – A US investment firm has completed its purchase of AC Milan, the Italian club confirmed Wednesday.

RedBird Capital Partners has entered into an agreement "to acquire Associazione Calcio Milan … newly crowned Champions of Serie A," the club said in a statement.

The statement added that the transition to new ownership will be done over the summer, with an expected closing of the agreement no later than September.

The purchase values Milan at about €1.2 billion ($1.3 billion), with the club's current owners Elliott Advisors UK Limited retaining a minority investment.

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."

Seen as one of the biggest Italian football clubs in history, Serie A champions Milan have sealed 19 league trophies, with seven UEFA Champions League titles.