US investment enterprise RedBird Capital Partners has concurred a €1.2 billion ($1.3 billion) deal to purchase Italian soccer champions AC Milan, the club stated on Wednesday, whilst current owners Elliott will retain a minority investment.

The change to new ownership will take place over the summer, with an anticipated closing of the deal no later than September, the club statement appended.

Milan have just triumphed the Italian Serie A league title for the first time in 11 years.

“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,” RedBird founder and managing partner Gerry Cardinale stated in a statement.

RedBird is already an investor in Fenway Sports Group, the owner of Liverpool FC and the Boston Red Sox baseball team. The firm also has a controlling stake in French soccer club Toulouse.

“RedBird’s investment philosophy and track record in team ownership has shown that football clubs can be successful on the pitch and sustainable off it,” Cardinale further said.

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