RedBird Capital Partners has reportedly finalized a deal to purchase AC Milan, valuing the Italian soccer club at $1.3 billion, according to Bloomberg.
The New York-based private investment firm, which has $6 billion in assets under management, won its bid for the Serie A club over Investcorp — the Middle East’s largest alternative assets manager. Current owner Elliot Management will still keep a minority stake.
- AC Milan is currently the 14th-most-valuable soccer team in the world, per Forbes.
- The club won its 19th Serie A title in the 2021-22 season.
- It has generated $257 million in revenue in 2022, up from $165 million in 2021.
AC Milan is also in the process of receiving approval to build a new stadium to replace the historic Giuseppe Meazza Stadium at San Siro. The potential project, led by architectural design firm Populous, is estimated to cost $733 million.
Milan’s city council has ordered a public debate to take place for plans to be approved.
AC Milan adds to a growing portfolio of sports-related investments for RedBird.
The firm holds a stake in Fenway Sports Group — owner of Liverpool, the Boston Red Sox, and Pittsburgh Penguins — and is also an investor in Toulouse FC, the XFL, and the IPL’s Rajasthan Royals.