Milan (AFP) – AC Milan announced on Wednesday that investment fund RedBird had completed the acquisition of the Italian champions from rival US group Elliott Management for 1.2 billion euros ($1.3 billion) .

Serie A giants Milan said in their statement that Major League Baseball giants New York Yankees would also hold a “minority stake” in Milan, which won its first Serie A title in 11 last season, through their owners Yankee Global Enterprises.

“We will support our talented players, coaches and staff to succeed on the pitch,” RedBird founder Gerry Cardinale said in the statement.

“We will look to leverage our global sports and media network, analytical expertise, track record in sports stadium development and hospitality to achieve one goal: to maintain Milan’s place at the top of football. European and global.

RedBird’s purchase of Milan comes after buying a minority stake last year in Fenway Sports Group, owners of Liverpool and MLB team Boston Red Sox and a majority stake in French Ligue 1 club Toulouse in 2020 .

Elliott acquired Milan in 2018 when Chinese businessman Li Yonghong was unable to repay a loan he took out when he bought the club from Silvio Berlusconi’s Fininvest in 2017.

Former Italian Prime Minister Berlusconi had owned the club since 1986 and in the three decades that followed made Milan a global footballing powerhouse, crowned European champions five times between 1989 and 2007.

Milan had been plagued by financial problems and poor performance on the pitch after winning the league in 2011, with a runners-up finish in 2021 heralding their return as trophy challengers.

They reported losses for this season of €96m, compared to a deficit of €195m in 2020. The accounts for last season are yet to be released.