The Italian champions were purchased by investment vehicle RedBird from rival US organisation Elliott Management for €1.2 billion on Wednesday, according to AC Milan (about R20.5b).
Milan, who won their first league championship in 11 years last season, announced in a statement that Major League Baseball powerhouses the New York Yankees would also have a “minority ownership position” in Milan via their owners Yankee Global Enterprises.
“To achieve one goal—maintaining Milan’s position at the top of European and worldwide football—we will try to utilise our global sports and media network, our analytics knowledge, our track record in sports stadium renovations, and our hospitality operations.”
After purchasing a minority position in Fenway Sports Group, the owners of Liverpool and the MLB franchise Boston Red Sox, last year and a controlling stake in French Ligue 1 club Toulouse in 2020, Redbird has now acquired Milan.
Despite no longer owning any shares in Milan, a source informed AFP that RedBird had bought more than 99.9% of the club’s stock and would have two board seats.
Additionally, AFP was informed that the Yankees would own a “insignificant” part in Milan, as opposed to Elliott’s “small financial involvement” in Milan, which was reported in June.
Elliott purchased Milan in 2018 after Chinese entrepreneur Li Yonghong failed to pay back a loan he took out to purchase the team from Silvio Berlusconi’s Fininvest in 2017.
Former Italian Prime Minister Silvio Berlusconi has controlled the team since 1986 and turned Milan into a powerhouse in world football during that period. From 1989 to 2007, Milan won five consecutive European championships.
After winning the league in 2011, Milan had struggled financially and on the field, but a second-place result in 2021 signalled their comeback as a serious contender for titles.
They reported losses of €96 million for that season, a decrease from a deficit of €195 million in 2020. Accounts from the previous season have not yet been released.
The acquisition comes at a key time for Milan, who—along with their regional rivals Inter—hope to demolish their famed San Siro stadium and construct a new one there.
However, the project is in jeopardy since Milan must undertake a public discussion this fall to persuade citizens of its benefits.
According to a source, the two teams will move the stadium project to a disused industrial site in Sesto San Giovanni, a town north of Milan, if the argument does not end in their favour.
The present site will hold the Winter Olympics’ opening ceremony in 2026, therefore it will remain in use at least until then.