The American investment fund RedBird Capital already has an agreement with the current owner of Milan, also the American fund Elliott, to acquire the Italian club for a figure close to 1,300 million euros.
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There is already an agreement between RedBird and Elliott. Both funds have signed the first documents to carry out the transfer of the ‘Rossonero’ club, a kind of pre-contract, according to the Italian media on Tuesday.
“It is about the so-called ‘signature’, while the closing of the transaction takes longer,” explains the newspaper La Gazzetta dello Sport.
In 2014, the American Gerry Cardinale founded the company that will now lead a project that began in 2018, led by his compatriot Paul Elliott Singer, and which has borne its first fruits this season, with Milan lifting the ‘scudetto’ for the first time in eleven years.
Investcorp withdraws
Three months ago, rumors began about the sale of Milan to the Bahraini investment fund Investcorp, which confirmed the intention to reach an agreement with Elliott for one billion euros. However, during the month of May, RedBird put on the table a higher offer than that of the Middle Eastern company and left Investcorp out of the negotiations.
“We had discussions with Elliott about a possible investment in Milan. As can be the case with ‘premium’ deals, no commercial agreement was reached and we mutually decided to end talks. We wish Milan the best for the coming season and beyond,” Omani Mohammed Al Ardhi, CEO of Investcorp, posted on his official Twitter account.
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Now, with the agreement, only the official announcement is missing. Local media suggest that it could be confirmed this week.
RedBird Capital already has experience in sports-related investments. The Americans own 85% of French Toulouse, a team that will play in the French first division next season; and 10% of Fenway Spots Group, an American company with assets in Liverpool, as well as in the Boston Red Sox (baseball) and Pittsburgh Penguins (hockey).