Soccer-RedBird buys Italian champions AC Milan

U.S. investment firm RedBird Capital Partners has agreed to a 1.2 billion euro ($1.3 billion) deal to buy Italian soccer champions AC Milan, the club said on Wednesday, while current owners Elliott will retain a minority investment.

The transition to new ownership will take place over the summer, with an expected closing of the deal no later than September, the club statement added.

($1 = 0.9325 euros)