HomeSerie AU.S. firm RedBird close in on deal to buy AC Milan from...

U.S. firm RedBird close in on deal to buy AC Milan from Elliott

The AC Milan logo is pictured on a pennant in a soccer store in downtown Milan
FILE PHOTO: The AC Milan logo is pictured on a pennant in a soccer store in downtown Milan, Italy April 29, 2015. REUTERS/Stefano Rellandini

(Reuters) – U.S. investment firm RedBird are closing in on a deal to buy Serie A champions AC Milan from hedge fund Elliott, a source at the Italian club told Reuters on Tuesday.

Italian news agency ANSA https://www.ansa.it/english/news/sports/2022/05/31/soccer-redbird-buys-ac-milan_5cda92bc-40f0-4844-a6e3-4b37fc750551.html reported earlier that the sale had been completed but the source said the parties were still working on the deal, with an official announcement unlikely on Tuesday.

RedBird declined to comment on media reports that the deal was done.

Asset manager Investcorp had also been in the running to buy seven-times European champions Milan earlier this month but they could not agree on certain terms, paving the way for Redbird to pursue a deal.

Italian newspaper Il Sole 24 Ore reported earlier this month that Redbird were nearing a deal worth about 1.3 billion euros ($1.39 billion) to buy Milan.

The Italian side was one of Europe’s top clubs under the previous ownership of former Italy Prime Minister Silvio Berlusconi.

RedBird, already an investor in Fenway Sports Group, the owner of Premier League soccer club Liverpool and the Boston Red Sox baseball team, also has a controlling stake in French soccer club Toulouse.

Milan clinched their 19th Serie A title on the final day of the season — their first Scudetto in 11 years.

($1 = 0.9340 euros)

(Reporting by Peter Hall and Rohith Nair; Editing by Ken Ferris)