AC Milan, champion of Italy, announced that the American investment fund RedBird Capital definitively acquired the Rossoneri club for $1,200 millions of dollars. In this operation, Yankee Global Enterprises (YGE), owner of the New York Yankees, acts as majority shareholder; as well as Fenway Spots Group, a company that includes basketball star LeBron James.
Milan has been synonymous with greatness. An example of this is that, since its foundation in 1899, it has won 19 Serie A championships, 7 Champions League/European Cups, 7 Italian Super Cups, 5 Italian Cups, 5 UEFA Super Cups, 3 Intercontinental Cups, 2 European Cup Winners Cups and 1 FIFA Club World Cup.
Despite the fact that the agreement was announced on June 1st, the Elliot fund, also from the United States, thus gives way to RedBird. The latter is headed by Gerry Cardinale, founder and managing partner of this fund which, with $1,200 million dollars, intends to return to the Rossoneri painting to the highest in Europe.
Details on the agreement
This operation includes as a minority shareholder, in what Milan calls in its statement a “strategic association”, YGE, a sports franchise owned by the Steinbrenner family, with which RedBird also shares ownership of the American pay channel Yankee Entertainment & Sports Network.
RedBird Capital Partners completes acquisition of AC Milan ➡️ https:/ /t.co/39kE6CVVnW
RedBird Capital Partners completes the’ acquisition of AC Milan ➡️ https://t.co/57FALTJvfa#SempreMilan pic.twitter.com/YTo6X5CvD q— AC Milan (@acmilan) August 31, 2022
“Priority areas of focus include supporting the club’s sporting and business leadership to ensure the team is consistently competitive at the highest levels of football; ensure it has the infrastructure and facilities commensurate with one of the world’s leading sports organizations; and strengthen the club’s women’s and youth teams, as well as its charitable arm, Fondazione Milan“, Milanista announced in his statement.
Cardinale, for his part, said: “We have a relationship of several decades with the New York Yankees and the Steinbrenner family, which has resulted in the creation of some of the most successful businesses in sports, entertainment and hospitality. We will look to explore opportunities together, to expand our fan reach and business opportunities that are only available to franchises operating at the highest levels of esports globally.”
RedBird Capital already has experience in sports-related investments. Owns 85% of Toulouse, which will play in the French first division next season; and 10% of Fenway Spots Group, which also owns assets in Liverpool, Boston Red Sox ( MLB) and Pittsburgh Penguins (NHL).
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