US investment fund RedBird to buy Serie A champions AC Milan

(FILES) In this file photo taken on April 21, 2021 The logo of AC Milan is pictured on a corner flag prior to the Italian Serie A football match AC Milan vs Sassuolo at the San Siro stadium in Milan. – AC Milan announced that its current owners, investment fund Elliot Advisors, have agreed to sell the newly-crowned Italian A champions to rival fund RedBird for 1.2 billion euros ($1.3 billion). (Photo by MIGUEL MEDINA / AFP)

AC Milan said Wednesday that its current owners, investment fund Elliott Management, have agreed to sell the newly-crowned Italian champions to rival US fund RedBird for 1.2 billion euros ($1.3 billion).

“The transition to new ownership will take place over the summer, with an expected closing no later than September 2022,” the club said in a statement, adding that, under the terms of the deal, Elliott will “retain a minority financial interest in the club and seats on the board of directors.”

“RedBird’s priority is to work with the club’s title-winning sporting and club management team to continue Milan’s journey back to the summit of world football,” added the statement.

Milan last month won their first Serie A title since 2011, the 19th in their history, as they pipped city rivals, and last year’s champions, Inter by two points.

RedBird’s move comes after they bought a minority stake last year in Fenway Sports Group, the owners of Liverpool and of Major League Baseball’s Boston Red Sox.

Their acquisition of Milan follows their purchase of a majority stake in French club Toulouse in 2020.

Toulouse this year won promotion back to France’s Ligue 1.

“We are honoured to be a part of AC Milan’s illustrious history and are excited to play a role in the club’s next chapter as it returns to its rightful place at