U.S. investment firm RedBird are closing in on a deal to buy Serie A champions AC Milan from hedge fund Elliott, a source at the Italian club told Reuters on Tuesday.

Italian news agency ANSA reported earlier that the sale had been completed but the source said the parties were still working on the deal, with an official announcement unlikely on Tuesday.

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RedBird declined to comment on media reports that the deal was done.

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.

Italian newspaper Il Sole 24 Ore reported earlier this month that Redbird were nearing a deal worth about €1.3 billion ($1.39 billion) 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.