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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.

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