ROME (AP) – The undefined have bought a minority stake in Italian soccer champions AC Milan, which announced the closing of its latest ownership change on Wednesday.
RedBird Capital Partners completed the deal to buy a controlling interest in the seven-time European champion for 1.2 billion euros ($1.2 billion).
It is the second soccer team the Yankees partially own after New York of the MLS.
Gerry Cardinale, who founded RedBird in 2014 and is managing partner, announced a tentative deal in June to buy Milan from fellow US firm Elliott Management.
Yankees Global Enterprises, the parent company of the baseball team led by the Steinbrenner family, will take about a 10% stake, a person familiar with the negotiations told The Associated Press on Tuesday, speaking on condition of anonymity before the final deal was announced. .
Details of the Yankees’ involvement were not disclosed in the announcement.
The Yankees agreed in 2013 to acquire a 20% stake in the New York City Major League Soccer team that was launched in 2015. City Football Group, the parent company of Manchester City, is the controlling owner.
“We have a multi-decade relationship with the New York Yankees and the Steinbrenner family that has resulted in the creation of some of the most successful businesses in sports, entertainment and hospitality,” Cardinale said in a statement on Milan’s website.
“We are very pleased to continue our partnership with them and will look to explore opportunities together to expand our fan reach and expand the commercial opportunities that are only available to franchises operating at the highest levels of sports.” globally.”
The closure comes just in time for Cardinale to debut as Milan’s new president in Saturday’s derby against city rivals Inter Milan.
“Our vision for Milan is clear: we will support our talented players, coaches and staff to deliver success on the pitch and allow our fans to share in the extraordinary experiences of this historic club,” said Cardinale.
“We will try to use our global sports and media network, our analytical expertise, our track record in sports stadium developments and hospitality to achieve one goal – maintaining Milan’s place at the summit of European and world football.”
The Yankees, 27-time World Series champions, are signing a special marketing deal with Milan, a 19-time Italian champion, that will include airing replays of games on the YES Network, as Manchester City does. There will also be a joint exchange between the red and blacks.
Milan comes out of the first Italian title in 11 years.
The Financial Times reported on Tuesday that Main Street Advisors, the Los Angeles-based fund backed by LeBron James, is also investing in Milan.
RedBird also has a stake in Fenway Sports Group, the parent company of Liverpool and the Boston Red Sox. Champions League rules prohibit two clubs in the competition from being under the same ownership to protect the integrity of the games on the pitch. UEFA will likely have to judge the extent of RedBird’s influence on decision-making at Liverpool.
RedBird is Milan’s fourth owner in five years.
Milan was owned from 1986 to 2017 by a former Italian prime minister, Silvio Berlusconi, who sold it to a company controlled by Sino-Europe Sports Investment Management Changxing Co. American hedge fund Elliott provided the financing and took control of the team in 2018 when loan payments were not made.
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