AC Milan announced today, Wednesday, that the American investment institution, Red Bird Capital Partners, has reached an agreement worth 1.2 billion euros (1.3 billion dollars) to buy the club, and that the current owner, Elliott, will retain the minority stake.
The Football League champion added that the transfer to the new ownership will take place during the summer, and the agreement is expected to be completed by next September at the latest.
Milan won the league title for the first time in 11 years this season.
"We are honored to be part of Milan's rich history and are excited to play a role in the club's new phase as it returns to its natural place at the top of Italian, European and world football," Jerry Cardinale, founder and managing partner of Red Bird, said in a statement.
Red Bird is one of the investors in the Fenway Sports Group, which owns Liverpool and the Boston Red Sox, the Major League Baseball competitor.
It also owns a majority stake in the French football club Toulouse.
"Red Bird's investment philosophy and track record in team management have shown that football clubs can thrive on and off the field," Cardinale added.