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AC Milan sale agreed for €1.2bn to Liverpool-linked American investment firm RedBird Capital

The Rossoneri are preparing for a summer of wholesale change following their 19th Serie A title triumph

Liverpool-linked American investment firm RedBird Capital have reached an agreement to buy AC Milan for €1.2 billion (£1bn/$1.3bn).

Milan are currently owned by Elliott Advisors, who assumed control at San Siro in 2018 after previous proprietor Li Yonghong defaulted on his debts.

Elliott have been seeking a new buyer for the club for several months, and a deal has finally been struck with RedBird, who also own a stake in Fenway Sports Group - the firm that completed a €352 million (£300m/$378m) takeover at Liverpool back in 2010.

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What has been said about the Milan sale?

Milan have confirmed that the new owners will be ushered in over the summer with a view to finalising the takeover no later than September.

RedBird founder Gerry Cardinale has said of the venture: "We are honoured to be a part of AC Milan's illustrious history and are excited to play a role in the club's next chapter as it returns to its rightful place at the very top of Italian, European and world football."

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Elliott will still have seats on the board and have retained a minority stake under the terms of the agreement, with managing partner Gordon Singer delighted by how far the club has come over the last four years.

"When Elliott acquired AC Milan in 2018, we inherited a club with a tremendous history, but with serious financial problems and a mediocre sporting performance," he added.

"Our plan was simple: to create financial stability, and to return AC Milan to where it belongs in European football. Today, I believe we have accomplished both."

A new era begins at Milan

Milan's corporate restructuring comes just over a week after their 19th Scudetto triumph under head coach Stefano Pioli.

The Rossoneri clinched their first Serie A title since 2010-11 after a final day victory over Sassuolo, sparking wild scenes of celebration around San Siro.

Pioli will be expected to build on that platform next season and may benefit from a few new signings, with it reported that RedBird are prepared to invest heavily in the squad.