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Under the terms of the deal, current owners Elliott, the U.S.
private equity group, will retain a minority investment and
seats on the board, the club said on Wednesday.
Milan have just won the Italian Serie A league title for the
first time in 11 years.
"We... 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," RedBird founder and managing
partner Gerry Cardinale said in a statement.
RedBird is already an investor in Fenway Sports Group, the owner
of Liverpool and the Boston Red Sox baseball team. RedBird also
has a controlling stake in French soccer club Toulouse.
"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," Cardinale added.
Italian soccer clubs have recently become a popular target for
overseas investors, attracted by cheaper valuations compared
with those of England's Premier League and rivals in major
European leagues.
Milan were a dominant force in European soccer under the
previous ownership of former Prime Minister Silvio Berlusconi
but won the Champions League for the last time in 2007.
The transition to new ownership will take place over the summer,
with an expected closing of the deal no later than September,
the club statement added.
Milan, European Cup winners seven times, will be looking to
strengthen their ranks during the close season to help defend
their Italian league title and mount a challenge in the
Champions League.
Elliott took over the club in 2018 when Chinese businessman Li
Yonghong failed to meet some obligations linked to a financing
package for the purchase of the team from Berlusconi the year
before.
Elliott said its continued involvement reflected its confidence
in RedBird and added that the club leadership would remain in
place.
Former Arsenal executive Ivan Gazidis is the club's CEO while
former player Paolo Maldini serves as technical director. ($1 =
0.9325 euros)
(Writing by Keith Weir, editing by Christian Radnedge)
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