- 'We will win!': Mozambique's ruling party confident at final vote rally
- Tunisia voting ends as Saied eyes re-election with critics behind bars
- Florida braces for Milton, FEMA head slams 'dangerous' Helene misinformation
- Postecoglou slams 'unacceptable' Spurs after 'terrible' loss at Brighton
- Marmoush double denies Bayern outright Bundesliga top spot
- Rallies worldwide call for Gaza, Lebanon ceasefire
- New 'Joker' film, a dark musical, tops N.America box office
- Man Utd stalemate keeps Ten Hag in danger, Spurs rocked by Brighton
- Drowned by hurricane, remote N.Carolina towns now struggle for water
- Vikings hold off Jets in London to stay unbeaten
- Ahead of attack anniversary, Netanyahu says: 'We will win'
- West Indies cruise to T20 World Cup win over Scotland
- Man Utd fire another blank in Aston Villa stalemate
- Lewandowski treble powers Liga leaders Barca to Alaves victory
- Russian activist killed on front line in Ukraine
- Openda strike briefly sends Leipzig top of Bundesliga
- Goal-shy Man Utd have to 'step up', says Ten Hag
- India bowl out Bangladesh for 127 in T20 opener
- Madueke rescues Chelsea in draw with 10-man Forest
- Beckett's belief rewarded as Bluestocking storms to Arc glory
- Trump on the stump, Harris hits airwaves in razor-edge US election
- Flash flooding kills three in northern Thailand
- Kaur leads India to victory over Pakistan in Women's T20 World Cup
- Juventus held by Cagliari after late penalty drama
- In France's Marseille, teen 'stabbed 50 times' then burned alive
- Ruthless Gauff beats Muchova in straight sets to win China Open
- India restrict Pakistan to 105-8 in Women's T20 World Cup
- England target repeat of Pakistan Test whitewash
- Penrith Panthers win fourth straight NRL title after downing Storm
- Weary Sinner happy for day off after battling into Shanghai last 16
- Pakistan's Masood warns England still a force without Stokes
- Madrid's Carvajal to miss several months after serious knee injury
- Two elephants die in flash flooding in northern Thailand
- Sabalenka targets world number one and Wuhan hat-trick
- Tunisia votes with Saied set for re-election
- Bagnaia sets 'example' with Japan MotoGP win to cut gap on Martin
- Intense Israeli bombing rocks Beirut ahead of war anniversary
- Mozambique vote: no suspense but some disillusion
- Austrian rapper channels anti-racist rage in Romani hip-hop songs
- Ohtani magic powers Dodgers over Padres in MLB playoff thriller
- Five of the best: Pakistan-England Test thrillers
- Man sets arm on fire as marches across US mark Gaza war anniversary
- Vietnam's young coffee entrepreneurs brew up a revolution
- Trump rallies at site of failed assassination: 'Never quit'
- Too hot by day, Dubai's floodlit beaches are packed at night
- Is music finally reckoning with #MeToo?
- Fans hail Trump's 'guts' as he returns to site of rally shooting
- Lebanon state media says Israeli strikes hit south Beirut
- Miami on track for MLS record points after win in Toronto
- Monaco take top spot in Ligue 1 with win at Rennes
US investment fund RedBird to buy Serie A champions AC Milan
AC Milan said Wednesday that its current owners, investment fund Elliott Management, have agreed to sell the newly-crowned Italian A champions to rival fund RedBird for 1.2 billion euros ($1.3 billion).
"The transition to new ownership will take place over the summer, with an expected closing no later than September 2022," the club said in a statement, adding that, under the terms of the deal, Elliott will "retain a minority financial interest in the club and seats on the board of directors."
Elliott Management acquired the Italian club 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.
In April, Italian media reported interest from Bahrain-based investment fund Investcorp, but the talks ended without a deal at the end of May.
Italian media reported that the deal between Elliott and Investcorp collapsed as seven-time European champions Milan's owners pushed for a higher purchase price off the back of the Scudetto.
The Gazzetta Dello Sport said Investcorp would not budge from a price of around one billion euros they thought had been agreed and already see as an overvaluation.
And RedBird not only offered a higher fee, they also allowed Elliott to remain minority shareholders and keep both sporting directors Paolo Maldini and Frederic Massara in place.
Elliott issued a "Letter of Gratitude" to the Milan fans round the world.
"We make this transition feeling a deep sense of humility and pride -– and most of all, gratitude for the experiences we have shared with the club, with the City of Milan, and with all of you.
"For your unrelenting passion, belief, and energy, we thank every member of the AC Milan family."
It rounds off quite a season for Milan, who ended an 11-year hiatus in being crowned Serie A champions last month, finishing two points clear of their city rivals Inter.
P.Mira--PC