US hedge fund Elliott Management Elliott, current owners of Italian soccer champions, AC Milan, will retain a minority investment in a new selling deal agreement with US investment firm RedBird Capital Partners, revealed the club. The deal has been closed at the price of 1.2 billion euros ($1.3 billion) for the club

The transition to new ownership will take place during the summer, with the purchase likely to be completed by September, according to the club statement.

For the first time in 11 years, Milan has won the Italian Series A league title.

"We are honored to be a part of AC Milan's illustrious history and 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.

This is not the first time RedBird invests in a sports club. They are current investors in Fenway Sports Group, the owner of Liverpool FC, and the Boston Red Sox baseball team. Furthermore, the firm also has controlling stakes in the French Toulouse club.