The recently crowned champions of Italy, AC Milan, have been bought by the U.S. investment firm RedBird Capital Partners in a 1.2 billion euro ($1.3 billion) deal.

The current owners will be allowed to retain a minority investment and seats on the board as per the agreement the club said on Wednesday.

“We… 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.

RedBird already has roots in the sporting world, with them already being an investor in Fenway Sports Group which owns Liverpool and the Boston Red Sox baseball team.

They also have a controlling stake in the French football club, Toulouse.

“RedBird’s investment philosophy and track record in team ownership has shown that football clubs can be successful on the pitch and sustainable off it,” Cardinale added.

Italian football clubs have recently caught the eye of overseas investors who are attracted by cheaper valuations compared with those of England’s Premier League and rivals in major European leagues.

Milan are just finding their feet after being a dominating force in European football under the previous ownership of former Prime Minister Silvio Berlusconi.

The Champions League has eluded them since 2007 and they just recently ended an 11-year wait for the Scudetto.

Milan, European Cup winners seven times, will be looking to strengthen their ranks during the close season to help defend their Italian league title and mount a challenge in the Champions League.

AC Milan to RedBird transition will take place over the summer, with an expected closing of the deal no later than September, the club statement added.

Former Arsenal executive Ivan Gazidis is the club’s CEO while former player Paolo Maldini serves as technical director.