How much did NY Yankees and LeBron James consortium pay for AC Milan takeover?
The Financial Times have confirmed that American private investment firm RedBird Capital Partners is officially the new owner of Serie A giants AC Milan.
RedBird Capital Partners on Wednesday have completed a €1.2 billion takeover of Serie A champions Milan with the American private investment firm now officially the owner of the Rossoneri. Yankee Global Enterprises (YGE), the owner of the New York Yankees, have also entered into the strategic partnership and acquiring a minority equity stake in the club.
A statement issued on Wednesday by Yankee Global Enterprises (YGE), owner of the New York baseball team who will take a minority equity stake in the former European champions Milan as part of the deal to acquire the club from U.S. private equity group Elliott.
Gerry Cardinale, RedBird founder and managing partner, said: “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.
“We will look to leverage our global sports and media network, our analytics expertise, our track record in sports stadium developments and hospitality to deliver one goal – maintaining Milan’s place at the summit of European and world football. ”The NY Yankees, which belong to the Steinbrenner family, will join the purchase with Main Street Advisors, an investment fund that counts LeBron James himself among its investors. The Lakers star, who usually often spending his holidays in Italy, he would then have a stake in the Rossoneri club through the fund.
RedBird’s portfolio of global sports and entertainment investments includes Fenway Sports Group (the owner of Liverpool, the Boston Red Sox and the Pittsburgh Penguins), Ligue 1 club Toulouse and Indian Premier League franchise the Rajasthan Royals.
Main Street Advisors’ investors also include music producer and founder of Interscope Records Jimmy Iovine and Canadian rapper Drake.