RedBird Capital Sign Preliminary Agreement To Purchase AC Milan; Announcement Imminent

Class CNBC are reporting that AC Milan’s sale is going forward with Gerry Cardinale of RedBird Capital Partners signing a preliminary agreement to purchase majority shares in the club from Elliott Management. The transaction is worth 1.3 billion euros for about 70% of the club.

Il Sole 24 Ore via MilanNews.it are reporting that the deal should be officially announced later today as the signing was completed yesterday. They add that Milan were valued at 1.68 billion euros by RedBird. Elliott are expected to remain to be the driving force for the stadium project and hit that earn out.

MilanNews.it are reminding us that this will be the fourth change of ownership since 2017 going from Silvio Berlusconi to Li Yonghong to Elliott Management and now RedBird Capital.

Calcio Mercato have shared a video of Gazidis and Scaroni arriving to meet Cardinale at a hotel in Milan which you can watch here or below.