AC Milan move step closer to takeover

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RedBird Capital Partners are closing on a takeover of AC Milan and expect to reach an agreement on the purchase of a majority stake this week.

As reported by Tuttomercatoweb, RedBird CEO Gerry Cardinale signed the paperwork on the acquisition from Elliott Group on Tuesday morning and an official announcement confirming a preliminary contract could be made later in the day, or on Wednesday.

It would see RedBird take on a 70% stake in the club in exchange for €1.3 billion, leaving Elliott CEO Paul Singer in control of the remaining 30%, and the next steps will see the deal finalised over the coming weeks.

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Elliott took control of the Rossoneri in 2018 after former owner Li Yonghong defaulted on payments, and have overseen a period of success in which Stefano Pioli’s side won the Serie A title this season.

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