RedBird's acquisition of Milan comes after they bought a minority stake last year in Fenway Sports Group and a majority stake in French Ligue 1 club Toulouse in 2020.
Major League Baseball giants the New York Yankees will also have a "minority equity stake" in Milan.
(Reuters Archive)
AC Milan says investment fund RedBird has completed the acquisition of the Italian champions from rival US group Elliott Management for $1.3 billion (1.2 billion euros).
Serie A giants Milan said in their statement on Wednesday that the Major League Baseball giants the New York Yankees will also have a "minority equity stake" in Milan, who won their first Serie A title in 11 years last season, through their owners Yankee Global Enterprises.
"We will support our talented players, coaches and staff to deliver success on the pitch," said RedBird's founder Gerry Cardinale in the statement.
"We will look to leverage our global sports and media network, our analytics expertise, our track record in sports stadium developments and hospitality to deliver one goal - maintaining Milan’s place at the summit of European and world football."
READ MORE:Inter fans flood onto Milan streets to celebrate winning 19th Scudetto
Global football powerhouse
RedBird's purchase of Milan comes after they bought a minority stake last year in Fenway Sports Group, the owners of Liverpool and MLB team Boston Red Sox, and a majority stake in French Ligue 1 club Toulouse in 2020.
Elliott acquired Milan in 2018 when Chinese businessman Li Yonghong was unable to repay a loan he had taken out when he bought the club from Silvio Berlusconi's Fininvest in 2017.
Italy's former prime minister Berlusconi had owned the club since 1986 and in the intervening three decades had made Milan a global football powerhouse, crowned European champions five times between 1989 and 2007.
Milan had been dogged by financial problems and sub-standard performances on the pitch after winning the league in 2011, a second-place finish in 2021 announcing their return as a challenger for trophies.
They declared losses for that season of 96 million euros, down from a deficit of 195 million euros in 2020.
Accounts for last season are yet to be published.
READ MORE: Juventus investigates fans who racially abused AC Milan's Mike Maignan
Source: AFP
Addis Ababa again fills reservoir for its huge dam on Blue Nile river, announces PM Abiy –– a process that continues to irk downstream neighbours Egypt and Sudan.
PM Abiy Ahmed assures Egypt and Sudan about the impact of the dam, saying "we did not want to make the river our own."
(Twitter/@AbiyAhmedAli)
Ethiopia has completed the third filling of its mega-dam on the Blue Nile, a new milestone that could raise further tensions with downstream neighbours Egypt and Sudan.
The development comes a day after Ethiopia said it had launched electricity production from the second turbine at the Grand Ethiopian Renaissance Dam (GERD) in the northwest of the country.
"Today as you see behind me, the third filling is complete," Prime Minister Abiy Ahmed said from the dam site in images broadcast on state television on Friday.
"The Nile is a gift of God given to us for Ethiopians to make use of it."
There is still no agreement between Ethiopia and its downstream neighbours Egypt and Sudan about the GERD's operations despite talks held under the auspices of the African Union.
Cairo and Khartoum view it as a threat because of their dependence on Nile waters.
But Ethiopia deems it essential for the electrification and development of Africa's second most populous nation.
There was no immediate reaction from Egypt or Sudan about Friday's development.
But Egypt, an arid nation that relies on the Nile for about 97 percent of its irrigation and drinking water, last month protested to the UN Security Council that the third filling was under way.
Abiy nevertheless sought to reassure Egypt and Sudan over the impact of the dam.
"When we set out to build a dam on the Nile, we said from the beginning that we did not want to make the river our own," he said on Twitter.
"We hope that just like Ethiopia, the other gifted nations of the Nile, Sudan and Egypt, will get to utilise their share."
On Thursday, he had called for negotiations to reach an understanding on the dam but insisted the third filling was not causing any water shortages downstream.
The process of filling the GERD's vast reservoir began in 2020 and it now contains 22 billion cubic metres of water out of a total capacity of 74 billion.
"Compared to last year, we have reached 600 metres which is 25 metres higher than the previous filling," Abiy said.
Ethiopia first began generating electricity from the GERD in February.
Currently, the two operational turbines, out of a total of 13, have a capacity to generate 750 megawatts of electricity.
It is ultimately expected to produce more than 5,000 megawatts, more than doubling Ethiopia's current output.
Project manager Kifle Horo said on Thursday that overall the dam was now more than 83 percent complete and that the goal was for it to be finished in the next two and a half years.
The structure is 145-metres high and 1.8 kilometres long, straddling the Nile tributary in the Benishangul-Gumuz region of northwestern Ethiopia, not far from the border with Sudan.
