AC Milan, the new champion of Italy, changes its owner and

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The investment fund Redbird Capital Partners has bought a majority stake in the new Italian champion, AC Milan, for an estimated amount of 1.2 billion euros, the Italian press announces, quoted by Bloomberg.

The new agreement confirms the growing interest of US investment companies in elite European football.

The Americans from Redbird thus acquire a controlling stake in the seven-time European champion club, buying the shares previously held by another American fund – the hedge fund Elliott Management Corp. The former owner of the club, who bought AC Milan in 2018 from the Italian tycoon and politician Silvio Berlusconi, will keep a minority stake in the club, and will be entitled to several seats on the Board of Directors that will be set up following the transaction.

Founded by Gerald Cardinale, a former Goldman Sachs executive, Redbird manages about $ 6 billion in assets and is a shareholder in Fenway Sports Group Holdings LLC, the owner of Premier League football club FC Liverpool. The same company also owns the American baseball team Boston Red Sox, as well as an 85% stake in the French football team Toulouse.

RedBird has also invested in the X Football League, a football league owned by Dwayne “The Rock” Johnson, which is a more spectacular and more violent version of classic American football. Their list of investments also includes India Dream Sport, a company that organizes fantasy cricket games for millions of Indian fans, and “On Location Experiences,” a company that handles backstage entertainment at international sporting events.

“The investment philosophy and RedBird’s history of team ownership has shown that football clubs can be successful on and off the field. We look forward to a long-term partnership with the club, the management team and the Milanese around the world, in order to continue to increase the level of AC Milan in the coming years “, said Gerard Cardinale, founder and manager of RedBird.