Milan have announced that RedBird have reached a takeover agreement with current owners Elliott Management.
The two parties have been in talks for weeks now as they worked to find an agreement, which has been reached on the basis of €1.2 billion. The American fund emerged as contenders for the takeover whilst Bahraini investment fund Investcorp were in the early stages of talks with Elliott and they eventually took the edge due to the formula of their offer.
The announcement details how Elliott will retain a minority financial interest in the Rossoneri and will keep seats on the Board of Directors, underlining a continued partnership between RedBird and Elliott. The takeover will take place over the summer months and is expected to be finalised by September of this year.
RedBird founder and partner Gerry Cardinale underlined his excitement at the deal and noted his ambitions for Milan.
“We are honoured to be a part of 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. I want to thank Gordon Singer and the entire Elliott team for the tremendous work they have done over the last four years in rebuilding Milan and returning it to its rightful place at the top of Serie A.
“RedBird’s investment philosophy and track record in team ownership has shown that football clubs can be successful on the pitch and sustainable off it – we are looking forward to a long term partnership with the club, its management team and Milanisti around the world to keep propelling Milan in the years to come.”
Elliott managing partner Gordon Singer also spoke about the deal, looking back at their ownership of the club and what the future holds.
“When Elliott acquired Milan in 2018, we inherited a club with a tremendous history, but with serious financial problems and a mediocre sporting performance. Our plan was simple: to create financial stability, and to return Milan to where it belongs in European football.
“Today, I believe we have accomplished both. As we make this remarkable transition to Milan’s next chapter, I want to express our deepest sense of humility, pride and above all gratitude for the experiences we have shared with each member of the Milan family: We could not have done any of this without you, Il Popolo Milanista.”
RedBird Capital Partners enters into agreement with Elliott Advisors to acquire AC Milan ➡️ https://t.co/W1YQr6GIxG
RedBird Capital Partners sottoscrive un accordo con Elliott Advisors per l’acquisizione di AC Milan ➡️ https://t.co/MB0JQRMKWy
#SempreMilan pic.twitter.com/Ri055vyggh— AC Milan (@acmilan) June 1, 2022
Well hopefully it is a successful takeover. If they can do everything from training facilities, academy, new stadium and at the same time retaining the history and DNA of the club it will be good for Italian football. Italian clubs were once feared and were regularly in finals.
So the takeover will be completed when the transfer window closes, bit of a coincidence that. It’s not going to be a good transfer window for Milan.
Bet their first signing is Lukaku
@Danny I disagree there. It won’t be a big spending window, it will be a continuation of whats come before. Quality, young talent, at a good price.