U.S. investment firm RedBird has bought Serie A champions AC Milan from the American fund Elliott Management after a deal was reached in the past few days, ANSA reported on Tuesday.
Asset manager Investcorp had also been in the contention to buy seven-time European champions Milan earlier this month but could not agree on certain terms, paving the way for Redbird to land a deal.
RedBird declined to comment on the report. Italian newspaper Il Sole 24 Ore reported earlier this month that Redbird were close to sealing a deal worth about €1.3 billion ($1.39 billion) to buy the Rossoneri.
Ac Milan were one of Europe’s top clubs under the previous ownership of former Italy Prime Minister Silvio Berlusconi.
RedBird, already an investor in Fenway Sports Group, the owner of Premier League giants Liverpool and the Boston Red Sox baseball team, also has a controlling stake in French football club Toulouse.
Milan clinched their 19th Serie A title on the final day of the season, their first Scudetto in 11 years.