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US fund RedBird agrees deal to buy AC Milan

MILAN, ITALY - MAY 01: Rafael Leao of AC Milan is challenged by Lucas Martinez Quarta of ACF Fiorentina during the Serie A match between AC Milan and ACF Fiorentina at Stadio Giuseppe Meazza on May 01, 2022 in Milan, Italy. (Photo by Marco Luzzani/Getty Images)

American investment firm RedBird Capital Partners has reached a preliminary agreement to buy Italian Serie A club AC Milan after rival bidder Investcorp put its bid on hold, according to reports.

RedBird is set to buy the club from US investment fund Elliott in a deal that will value the club at €1.3bn ($1.4bn), according to Italian newspaper Il Sole 24 Ore. It was also reported that Elliott will retain a minority stake.

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