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One week after winning the Scudetto, AC Milan seeming have another major change on the horizon. On Tuesday, American private investment firm RedBird Capital signed a preliminary agreement to buy the club. The firm's founder, Gerry Cardinale, looks like he is about to officially become the new owner of the club. The official announcement arrived on Wednesday morning and stated, "RedBird Capital Partners ("RedBird") and Elliott Advisors UK Limited ("Elliott") today announced that they have entered into a definitive agreement for RedBird to acquire Associazione Calcio Milan ("AC Milan", "Milan" or the "Club"), newly crowned Champions of Serie A. The transition to new ownership will take place over the summer, with an expected closing no later than September 2022. 

"The deal, which values the club at €1.2B, will see Elliott retain a minority financial interest in the club and seats on the Board of Directors, solidifying a partnership between RedBird and Elliott that continues the progress made under Elliott's stewardship over the last four years". 

There will be a few more weeks before the official closing of the deal that will certify the official change of hands in the club. Current owners, Elliott Management Corporation, who took over AC Milan in the spring 2018 after Chinese owner Yonghong Li faced financial challenges forcing control to change hands, will keep a minor ownership stake in the club. 

RedBird Founder and Managing Partner Gerry Cardinale said: "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. 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."

Elliott Managing Partner Gordon Singer commented:,"When Elliott acquired AC Milan in 2018, we inherited a club with a tremendous history, but with serious financial problems and a mediocre sporting performance. Our plan was simple: to create financial stability, and to return AC Milan to where it belongs in European football. Today, I believe we have accomplished both. As we make this remarkable transition to AC Milan's next chapter, I want to express our deepest sense of humility, pride and above all gratitude for the experiences we have shared with each member of the AC Milan family: We could not have done any of this without you, Il Popolo Milanista".

The America based RedBird Capital is no stranger to European soccer. They've been linked with purchases of numerous clubs and currently own Toulouse, a Ligue 2 club that won promotion to the top division in France. RedBird is also an investor in Fenway Sports Group, the Boston Red Sox and Liverpool ownership group. Milan, meanwhile, are coming off their first Scudetto in 11 years and will likely look to use their return to the top of the table as a means to solidify themselves back at the upper echelons of European soccer. A change in ownership would bring questions about whether the management group, including Milan club legend Paolo Maldini would maintain their decision making positions or whether RedBird would look to bring in their own management team.