Redbird Capital Partners has reached a final agreement to buy Italy’s AC Milan, the seven-time European football champion once owned by former Prime Minister Silvio Berlusconi, according to people familiar with the matter.
Redbird is set to announce the purchase of the club from U.S. investment fund Elliott Management Corp. as early as tomorrow, the people said, asking not to be identified because discussions are private. The transaction may value AC Milan at about 1.2 billion euros ($1.3 billion), the people said.
Get the week’s top news delivered directly to your inbox – Sign up for our newsletter
New York-based Redbird, founded by Gerald Cardinale, manages about $6 billion, according to its website. The firm is a shareholder in Fenway Sports Group Holdings LLC, the owner of English Premier League football club Liverpool FC and the Boston Red Sox US baseball team. It also holds a controlling stake in French football team Toulouse.
Redbird beat out competition from Middle East asset manager Investcorp in the battle for AC Milan. Known as the Rossoneri, the club is one of the biggest names in European football and just won this season’s Serie A title in Italy.
Source: Yahoo Finance
Can’t stop reading? Read more
PIF sells Al Hilal stake as Saudi league opens to private capital
PIF sells Al Hilal stake as Saudi league opens to private capital Saudi Arabia’s Public Investment...
TPG invests $100m in Zum at $1.7bn valuation to scale student mobility platform
TPG invests $100m in Zum at $1.7bn valuation to scale student mobility platform TPG has invested...
KKR and Apollo eye $2bn Logoplaste deal as sale process advances
KKR and Apollo eye $2bn Logoplaste deal as sale process advances KKR and Apollo are among private...