Serie A champions AC Milan have confirmed that they have been successfully taken over by new ownership for a whopping €1.2 billion (R20 billion)!
It seems the good news keeps on coming for the Rossoneri as the Italian giants have now announced that RedBird Capital Partners has bought a majority stake in the club just weeks after securing their first Scudetto in 11 years.
RedBird Capital have close ties with Liverpool's ownership group Fenway Sports Group (FSG) and, like FSG, will be looking to get Milan back to the apex of European football.
It initially appeared that Bahrain-based company Investcorp was close to buying Milan. The deal, however, was seized by Redbird instead.
Although Milan's struggles had persisted for a few years, the club remains one of the biggest in world football. Considering the product on the pitch matches the popularity of the brand, Milan may soon be able to achieve great things once again.
"We are honored 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 the very top of Italian, European and world football," RedBird founder Gerry Cardinale said, as per an official statement released by the club.
"I want to thank Gordon Singer and the entire Elliott team for the tremendous work they have done over the last four years in rebuilding Milan and returning it to its rightful place at the top of Serie A.
"RedBird's investment philosophy and track record in team ownership has shown that football clubs can be successful on the pitch and sustainable off it – we are looking forward to a long-term partnership with the club, its management team and Milanisti around the world to keep propelling Milan in the years to come."
Milan has built a youthful foundation of late. With the likes of Rafael Leao, Sandro Tonali, Ismael Bennacer, Fikayo Tomori and Theo Hernandez all 24 years old or younger, perhaps the base for success has already been laid ahead of some potential big spending from RedBird in the upcoming window.
