RedBird Agrees $1.3 Billion Deal for AC Milan Football Club
AC Milan players and staff celebrate with the Scudetto Trophy in Milan, on May 23.
Photographer: Pierso Cruciatti/AFP/Getty Images
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RedBird Capital Partners has agreed to buy Italy’s AC Milan for 1.2 billion euros ($1.3 billion), becoming the latest in a growing number of private equity firms taking charge of Europe’s elite football teams.
US-based RedBird is acquiring a controlling stake in the seven-time European champions from hedge fund Elliott Management Corp., it said in a statement Wednesday that confirmed earlier Bloomberg News reporting.