U.S. firm to buy AC Milan - report

STORY: Italian soccer champions AC Milan look set to get new American owners.

ANSA news agency reported Tuesday (May 31) that investment firm RedBird has bought the Italian league winners from U.S. fund Elliott.

But a Reuters source says the deal isn't quite finalised yet.

Italian media had reported earlier this month that RedBird was close to a move worth just under $1.4 billion to buy the club.

AC Milan is one of the most successful teams in European history.

It has won the European Cup seven times, second only to Spain’s Real Madrid.

They have struggled to keep up their high standards over the last ten years, but finally regained the Italian league title in May, for the first time in 11 years.

RedBIrd is already an investor in Fenway Sports Group - the owner of Premier League side Liverpool and the Boston Red Sox.

It also has a controlling stake in French soccer team Toulouse.

Asset manager Investcorp was in the running to buy Milan, but could not agree terms earlier in May - opening up the chance for a rival bidder.

RedBird declined to comment on the reports.

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