The New York Yankees completed a deal with RedBird Capital on Wednesday to finalize the purchase of Italian soccer club AC Milan, which will see Yankee Global Enterprises take over a minority stake of the seven-time Champions League winning club.
The Yankees, who already own a 20% stake in MLS’s New York City FC, will take around a 10% stake in the team, a source told the Associated Press.
"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," RedBird Founder and Managing Partner Gerry Cardinale said in a statement.
"We are very pleased to continue our partnership with them and will look to explore opportunities together to broaden our fan reach and expand commercial opportunities that are only available to franchises that operate at the highest levels of sports globally."
The U.S. investment firm, founded in 2014, agreed to purchase the team from Elliott Management for around $1.2 billion in June and will take over controlling interest.
"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," Cardinale said.
"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."
Milan is coming off its first Italian title in 11 years. Cardinale will make his debut as Milan’s new president at Saturday’s derby against city rival Inter Milan.
The Associated Press contributed this report.