Milan sold to US investors

US investment firm RedBird Capital Partners has acquired Milan Elliott became the new owner of the fund Italian Championship.

The group’s founder, businessman Jerry Cardinal, recently signed an initial deal to sell the Lombard club.

Milan has been owned by Elliott since 2018, when the US team bought it from Yonghong Li of China.

Like Elliott, Redford is an American private equity fund. Milan’s new owner manages about $ 6 billion in investments in a variety of sectors, including consumer goods, financial services, telecommunications, technology and sports.

Cardinal’s personal assets, defined as secluded, are about $ 1 billion and of Italian descent because his grandparents were born in Europe and immigrated to the United States. He worked for Goldman Sachs, one of the largest investment banks in the world, for nearly 20 years.

RedBird holds an 85% stake in Toulouse, newly elevated to the top division Football France, and controls a majority stake in 10% of the company Liverpool . The fund also owns stakes in the Boston Red Sox (baseball), the Pittsburgh Penguins (ice hockey) and Dream Sport, a sports platform in India that specializes in cricket.

Milan’s top leadership change will not mean Elliott’s farewell to Paul Singer, as the fund will be a minority partner in the Italian team. According to local media, Rosonery was sold for about 1.3 billion euros.

Cardinal is expected to meet with Milan’s top management in the coming days to discuss the club’s plans for the upcoming season.