AC Milan won their first Serie A title in 11 years this season, sealing a return to the UEFA Champions League. With the main goal to compete against the elite of the European teams, American investment firm RedBird Capital Partners have acquired the Italian side.

The official announcement was made on Wednesday after RedBird Capital Partners agreed to pay $1.3 billion to secure a majority stake in AC Milan. Under this new deal the previous owners, Elliott Advisors UK Limited, will retain a minor ownership stake in the Scudetto winners and the transition will take place over the summer.

Official statement

“The deal, which values the club at $1,3 billion, will see Elliott retain a minority financial interest in the club and seats on the Board of Directors, solidifying a partnership between RedBird and Elliott that continues the progress made under Elliott’s stewardship over the last four 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.

Who are the RedBird Partners?

The American investment firm owns stakes in Fenway Sports Group, the owner of Liverpool and Major League Baseball side Boston Red Sox. RedBird also holds a majority ownership stake in Ligue 1 side Toulouse.

It had been reported that the Elliott Management Corporation were going to struggle financially for the upcoming season and they were eager to seal a deal to keep AC Milan among Europe’s elite. Italian teams have become popular for overseas investors because they are cheaper than clubs in England and Spain.