American investors RedBird close in on £1.1bn deal to buy AC Milan from hedge fund Elliott just days after club won their 19th Serie A title and first in 11 years
- AC Milan are close to new ownership after US investment firm RedBird came in
- Deal for the Italian champions is reportedly worth around £1.1billion
- RedBird already invest in the owners of Liverpool, Fenway Sports Group
- Milan sealed their 19th Scudetto – and first for 11 years – on last day of season
US 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 has told Reuters.
Italian news agency ANSA 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 1.3billion euros (£1.1billion) to buy Milan.
Italian champions AC Milan are on the verge of a takeover by American investors RedBird
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.
The deal for the San Siro club is reportedly worth around £1.1billion as Elliott sell them
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