RedBird Capital has reached an agreement to buy Milan from Elliott Advisors.

The investment group owns shares in Fenway Sports Group, owners of the Boston Red Sox and Liverpool.

Foreign media report that the agreement reached reaches the figure of 1.2 billion euros, while the new owners will take over the club from September after the closure of all procedures.

Elliott will not retire entirely as there will be little stock and seats on board

Milan recently won the title of champion in Italy for the first time after 11 years of waiting.

The RedBird statement said: “RedBird’s priority is to work with the title winners and the club’s management to continue Milan’s journey back to the top of European football. A combination of a successful team on the pitch, player development and reinforcements, a high-level commercial operation and RedBird’s experience in operating and building global sports businesses, will ensure that the new chapter in Milan’s glorious history will to send the Red and Blacks to even greater heights. “

RedBird Founder founder and managing partner Gerry Cardinale added:

“We are honored to be part of Milan’s great history and we look forward to taking on the role in the club’s new chapter until he returns to the right place at the helm of Italian, European and world football.”

So with the new owners, Milan aim to return to the top of world football, the same as it was in the early 2000s.