The American investment company RedBird takes over the Italian football champions AC Milan.

The business should take place over the course of the summer, as the top club announced on Wednesday.

The value of AC Milan was estimated at 1.2 billion euros in a club announcement.

Italian media had previously reported on the sale of the traditional club.

Current owner Elliott is said to retain a minority stake.

Milan have just won the Italian Serie A title for the first time in eleven years.

In 2018, the American hedge fund Elliott took over the helm of the club that used to belong to ex-Prime Minister Silvio Berlusconi and pulled it out of the financial crisis.

It has recently become clear that the northern Italians are getting a new owner.

RedBird is already active in sports, including as an investor in Fenway Sports Group, which owns Liverpool FC and Major League Baseball's (MLB) Boston Red Sox.

RedBird also holds the majority of shares in FC Toulouse from the French Ligue 1.