Official: RedBird Capital Partners has completed the acquisition of Milan for €1.2 billion

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Milan fans at Casa Milan. (@acmilan.com)

RedBird is officially the new owner, taking over from Elliott; Yankee Global Enterprises is also an investor.

On June 1, RedBird and Elliott entered into a definitive agreement for RedBird to acquire Milan and today the famous ‘closing’ took part, which means that officially starting August 31, 2022 – RedBird are the owners of Milan.

The announcement reads as follows:

RedBird Capital Partners (“RedBird”) today announced that it has completed the acquisition of Associazione Calcio Milan (“AC Milan”, “Milan” or the “club”) for €1.2 billion.

For one hundred and twenty three years AC Milan has been synonymous with championship level football.  Since its founding in 1899, AC Milan has won 19 Serie A Championships, 7 Champions Leagues/European Cups, 7 Supercoppa Italianas, 5 Coppa Italias, 5 European Super Cups, 3 Intercontinental Cups, 2 European Cup Winners’ Cups, and 1 FIFA Club World Cup.

San Siro before Milan-Bologna on August 28, 2022. (@acmilan.com)

As the new owner of AC Milan, RedBird will continue to invest in all the key areas that will advance the Club’s sporting and commercial interests, building on last season’s achievements that culminated in the club’s Serie A championship. RedBird’s experience in operating and building global sports businesses will ensure that the next chapter in AC Milan’s storied history will build on its current momentum.

Priority areas of focus include supporting the club’s sporting and business leadership to ensure that the team is consistently competitive at the highest levels of football; ensuring that it has the infrastructure and facilities befitting one of the world’s most prominent sporting organisations; and strengthening the Club’s women’s and youth teams, as well as its charitable arm, Fondazione Milan.

Gerry Cardinale at Casa Milan on June 1, 2022. (@acmilan.com)

Gerry Cardinale, RedBird Founder and Managing Partner, 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.”

The deal will also see Yankee Global Enterprises (YGE), owner of the New York Yankees, one of the world’s most valuable sports franchises, enter into a strategic partnership with the club with a minority equity stake in AC Milan. RedBird has a longstanding relationship with the Yankees and the Steinbrenner family, with whom it is a co-owner of the Yankees Entertainment Sports (YES) Network, the most-watched regional sports network in the United States.

Gerry Cardinale at Casa Milan on June 1, 2022. (@acmilan.com)

On the partnership with YGE, Mr. Cardinale said: “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.”

The completion of the purchase of Milan takes RedBird’s assets under management to approximately $7.5 billion and adds AC Milan to RedBird’s portfolio of global sports and entertainment investments that include Fenway Sports Group (Liverpool FC, Boston Red Sox, Pittsburgh Penguins), Toulouse FC, the Rajasthan Royals, the YES Network, the SpringHill Company, Skydance Media, the XFL, OneTeam Partners and Dream Sports.

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Ink

As long as you don’t turn Milan into the likes of those American sports “spectacles” or “entertainments”.

Ted

And that’s exactly what will happen because this is now football. Spectacle and entertainment is what brings money to clubs nowadays and Milan overslept on this while solely relying on Berlusconi’s wallet. They should start with own stadium and selfsufficient project after 2007.

Ink

Yeah the stadium would be great, and much needed.
What I was referring to was turning football into the absurd concerts and dancemania in the middle of sports that happens there lol.

SJF

Very clever. Do the deal in June, finalise in September.
No pesky transfer window to spend your dollars.
What a plan

Mario

Those who always complain and whine about this deal should either put the money where their mouth is or just shut up and grow up. This is how business is done in the real world, kids