The U.S. investment firm RedBird has bought Serie A champions AC Milan from the American fund Elliott after a deal was reached in the last few days, ANSA reported on Tuesday.
Asset manager Investcorp had also been in the running to buy seven-times European champions Milan earlier this month but they could not agree on certain terms, paving the way for Redbird to pursue a deal.
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RedBird declined to comment on the report.
Italian newspaper Il Sole 24 Ore reported earlier this month that Redbird were nearing a deal worth about €1.3 billion ($1.39bn) to buy Milan.
The Italian side was one of Europe's top clubs under the previous ownership of former Italy Prime Minister Silvio Berlusconi.
RedBird, already an investor in Fenway Sports Group, the owner of Premier League giants Liverpool and the Boston Red Sox baseball team, also has a controlling stake in French football club Toulouse.
Milan clinched their 19th Serie A title on the final day of the season -- their first Scudetto in 11 years.
Source: espn.co.uk