Milan have announced that RedBird have reached a takeover agreement with current owners Elliott Management.
The two parties have been in talks for weeks now as they worked to find an agreement, which has been reached on the basis of €1.3 billion. The American fund emerged as contenders for the takeover whilst Bahraini investment fund Investcorp were in the early stages of talks with Elliott and they eventually took the edge due to the formula of their offer.
The announcement details how Elliott will retain a minority financial interest in the Rossoneri and will keep seats on the Board of Directors, underlining a continued partnership between RedBird and Elliott. The takeover will take place over the summer months and is expected to be finalised by September of this year.