U.S. investment firm RedBird Capital Partners has agreed a 1.2 billion euro deal to buy Italian soccer champions AC Milan.

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, 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.

According to AC Milan website, RedBird's priority is to work with the Club's title-winning sporting and club management team to continue Milan's journey back to the summit of world football. A combination of a successful team on the pitch, Milan's player development and acquisition expertise, a world-class commercial operation, and RedBird's experience in operating and building global sports businesses, will ensure that the next chapter in Milan's storied history will take the Rossoneri to even greater heights.