RedBird Capital Partners has confirmed that it has completed its takeover of Serie A champions AC Milan.
An agreement was reached to sell Milan earlier this year, with former owners Elliott agreeing to do business for €1.2bn, as well as retaining a minority share in the club.
Yankee Global Enterprises, owner of the New York Yankees, have also acquired a minority stake as part of a strategic partnership with RedBird.
RedBird founder Gerry Cardinale said: “Our vision for Milan is clear: we will support our talented players, coaches and staff to deliver success on the pitch and allow our fans to share in the extraordinary experiences of this historic club.
“We will look to leverage our global sports and media network, our analytics expertise, our track record in sports stadium developments and hospitality to deliver one goal – maintaining Milan’s place at the summit of European and world football.”
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On the partnership with Yankee Global Enterprises, Cardinale added: “We have a multi-decade relationship with the New York Yankees and the Steinbrenner family that has resulted in the creation of some of the most successful businesses in sports, entertainment and hospitality.
“We are very pleased to continue our partnership with them and will look to explore opportunities together to broaden our fan reach and expand commercial opportunities that are only available to franchises that operate at the highest levels of sports globally.”
RedBird has vowed to continue to invest in all areas of the club, not just the first team, promising to spend on Milan’s infrastructure and facilities, as well as the women’s and youth teams and the club’s charity, Fondanzione Milan.