Italian champions AC Milan have confirmed a deal for their sale to US investment firm RedBird Capital Partners.
The club said in a statement on Wednesday that RedBird and current owner Elliott Advisors had reached an agreement.
In the agreement, AC Milan were valued at 1.2 billion euros (1.29 billion dollars).
AC Milan recently won the Serie A title again after an 11-year wait.
RedBird is already active in sports, as an investor in Fenway Sports Group, which owns Liverpool and the Boston Red Sox baseball team.
RedBird also holds a majority stake in French football club Toulouse.