Redbird Capital Partners has overcome competition from Investcorp in the race to sign Italy’s AC Milan, according to a report by Bloomberg.
Redbird has agreed in principal to buy the seven-times European champions from US investment fund Elliott Management Corp in a trading that values the club at roughly €1.3 billion ($1.4 billion).
The report quotes unnamed sources as reveal that Elliott is to retain a minority holding in AC Milan, although no formal agreement has yet been signed and the deal could still be delayed.
New York-based Redbird, which was founded by Gerald Cardinale, manages about $6 billion, according to its website and already has involvement in the global sports market through its shares in Liverpool FC owner Fenway Sports Group Holdings, and the Boston Red Sox US baseball team. Redbirh also holds a controlling stake in French football team Toulouse.