Serie A Champion Milan to Be Sold to RedBird for $1.3 Billion

AC Milan's Alessio Romagnoli players holds up the trophy as he celebrates with teammates after winning the Italian Serie A title at the end of a match against Sassuolo, at the Citta del Tricolore stadium, in Reggio Emilia, Italy, on May 22, 2022. Antonio Calanni/AP Photo

MILAN—Less than two weeks after celebrating AC Milan’s league title win with thousands of fans, Gerry Cardinale is on the verge of becoming the new owner of the storied Serie A club.

Cardinale is the founder and managing partner of American investment firm RedBird Capital Partners, which has signed a preliminary agreement to buy Milan for 1.2 billion euros ($1.3 billion).