American investment group RedBird Capital have reached an agreement to buy AC Milan from Elliott Advisors.
The deal values AC Milan, who were crowned Serie A champions for the first time in 11 years at the end of last month, at 1.2bn euros (£1bn).
RedBird own a stake in Fenway Sports Group, the owners of Liverpool and baseball team the Boston Red Sox.
Elliott, who took over the club from businessman Li Yonghong, will retain a minority stake and seats on the board.
Milan say the transition to new ownership will take place over the summer and that the deal will be completed no later than September.
"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 Gerry Cardinale said.
Elliott took over the seven-time European champions four years ago when Chinese businessman Li Yonghong failed to meet some obligations linked to a financing package for the purchase of the club from Silvio Berlusconi in 2017.
Elliott's Gordon Singer added: "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.
"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."
Latest Stories
-
Ghana’s Antoine Semenyo fires Bournemouth to victory against Wolves
12 mins -
Everton 2-0 Liverpool: Everton apply final blow to Liverpool title challenge
20 mins -
Akufo-Addo nominates Felicia Attipoe as Tema West MCE
23 mins -
Today’s front pages: Thursday, April 25, 2024
31 mins -
We’ll not engage in opaque and obscure deals when elected – Prof Opoku-Agyemang
56 mins -
Energy and Finance Ministries must provide funding to fix energy challenges – IES
1 hour -
Reintroduce Fiscal Responsibility Act to tackle election budget overrun – Osafo Marfo
1 hour -
Prioritise transparency, avoid suppressing the truth – Opoku-Agyemang advises EC
1 hour -
In times of setbacks, I won’t say I was only the driver’s mate – Naana Jane assures Mahama
1 hour -
Joselyn Dumas opens up on why single mothers struggle to find partners
1 hour -
Three damaged ECG pylons result in power outage for 9 Shama communities
1 hour -
Dual citizens eligible for Chief Justice, Chief Director, other positions – Supreme Court rules
2 hours -
SIGA urges increased financial support for SOEs
2 hours -
Akufo-Addo vows to enhance Ghana’s power supply
2 hours -
19 steps for getting over even the most devastating breakup fast
5 hours