RedBird aims high after swooping on AC Milan

U.S. investment firm RedBird Capital Partners has agreed a 1.2 billion euro ($1.3 billion) deal to buy Italian soccer champions AC Milan and is aiming to challenge the elite of the European game again.

Under the terms of the deal, current owners Elliott, the U.S. private equity group, will retain a minority investment and seats on the board, the club said on Wednesday.

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

“We… 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 said in a statement.

RedBird is already an investor in Fenway Sports Group, the owner of Liverpool and the Boston Red Sox baseball team. RedBird 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 added.