AC Milan
RedBird Capital Partners acquisition · 1 Jun 2022
- Seller
- Elliott Management Corporation
- Stake acquired
- 99.9%
- Control
- Yes
- Reported consideration
- Undisclosed
- Implied equity value
- —
- League
- Serie A
- Country
- Italy
- Confidence
- MEDIUM
Buyer profile: RedBird Capital Partners: clubs owned, where they buy next
RedBird Capital Partners acquired 99.9% of AC Milan from Elliott Management Corporation, announced 1 Jun 2022, closing 31 Aug 2022.
The purchase consideration was not disclosed. Announced enterprise value was €1.20bn.
Nearest pre-acquisition revenue was €261m (FY 2020/21).
- Announced
- 1 Jun 2022
- Closed
- 31 Aug 2022
- Stake after transaction
- 99.9%
- Status
- completed
Reported consideration
What the buyer reportedly paid for the stake
Implied 100% equity value
Calculated: consideration ÷ stake acquired
Reported club valuation
Enterprise value
Only shown when debt/cash near the transaction date is established
Debt assumed / restructured
Primary capital injection
Total announced investment commitment
Commitments are not purchase price and not valuation
Nearest pre-acquisition financial year: 2020/21
Revenue
Wages
EBITDA
Net debt
Net income
RedBird's headline €1.2bn figure is an enterprise value, not a disclosed equity purchase price — the actual cash equity consideration paid to Elliott was never separately disclosed in the sources found, so reported_consideration is UNDISCLOSED rather than an assumed equal to EV. Critically, the deal was NOT financed with third-party bank debt: Elliott itself provided RedBird a €560m seller/vendor loan at closing (8% interest, 3-year maturity), i.e.
- Rossoneri Blog — "Official: RedBird Capital Partners has completed the acquisition of Milan for €1.2 billion" ↗Tier 4 · specialist football business media
2022-08-31 — “RedBird Capital Partners completed acquisition of AC Milan for €1.2 billion enterprise value on 31 August 2022; definitive agreement had been signed 1 June 2022; Elliott Management was the seller; Yankee Global Enterprises took a minority equity stake; RedBird's AUM rose to ~$7.5bn.”
- Avv. Felice Raimondo — "Bilancio AC Milan 2020/2021: tutti i numeri e le curiosità" ↗Tier 4 · specialist football finance blog
2021-11-01 · it — “FY2020/21 filed accounts: value of production €261.1m; consolidated net loss €96.4m (individual statement €97.9m); fixed player wages down from €115.7m to €107.9m, variable wages up €4.9m; personnel costs roughly half of total production costs.”
- Felice Raimondo (Substack) — "RedBird-Elliott: ecco l'importo ufficiale del vendor loan" ↗Tier 4 · specialist football finance blog
2024-03-01 · it — “Elliott (via Rossoneri Sport Investment Luxembourg) granted ACM Bidco B.V. a €560,000,000 loan on 31 August 2022 (closing date) at 8% interest, maturing 31 August 2025; reduced to €550m after a €10m repayment in October 2022; 95.73% of the loan was later assigned to Project RedBlack S.à r.l. in January 2023.”
- RedBird Capital Partners press release — 'RedBird Capital Partners Completes Acquisition of AC Milan' (GlobeNewswire) ↗Tier 1 · primary company
2022-08-31 — “RedBird today announced that it has completed the acquisition of Associazione Calcio Milan for €1.2 billion.”
- AC Milan — L'Assemblea degli Azionisti approva il bilancio 2021/2022 (club statement) ↗Tier 1 · primary company
2022-10-26 · it — “'un EBITDA positivo (29,3 milioni di Euro) e un significativo miglioramento della Posizione Finanziaria Netta consolidata dal Club al 30 giugno 2022, che presenta un indebitamento netto pari a 28,4 milioni di Euro (rispetto ai 101,6 dell'esercizio 2020/2021)'”
2022-10-26 · it — “'al 30 giugno 2022 la Posizione Finanziaria Netta consolidata del Gruppo Milan presenta un indebitamento netto pari a 28,4 milioni di euro in significativo miglioramento (+73,2 milioni di euro) rispetto all'esercizio 2020/2021 (101,6 milioni di euro)'; patrimonio netto consolidato €131.23m.”
- Luca Marotta — Bilancio Consolidato AC Milan 2021/22 ↗Tier 4 · analyst
2022-11-06 · it — “'L'Indebitamento Finanziario Netto al 30/06/2022 è pari a € 28,4 milioni (€ 101,6 milioni nel 2020/21) ... Le disponibilità liquide sono pari a € 42,73 milioni (€ 23,59 milioni nel 2020/21) ... debiti bancari per € 4.190.000 (€ 41.37x.000 nel 2020/21) ... debiti vs altri finanziatori per € 66,9 milioni'”