Yankees finalize deal for minority stake in AC Milan
Yankee Global Enterprises also owns a 20% stake in New York City FC
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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.
Olivier Giroud of AC Milan #9 celebrates after scores the second goal during the Friendly match between Marseille and Milan AC at Orange Velodrome on July 31, 2022 in Marseille, France. (Photo by Claudio Villa/AC Milan via Getty Images / Getty Images)
"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.
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"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."
AC Milan players parade with the Scudetto Trophy on a double decker bus in front of the club's headquarters Casa Milan in Milan, on May 23, 2022, one day after AC Milan won the 2022 Italian Serie A "Scudetto" championship. (PIERO CRUCIATTI/AFP via Getty Images / Getty Images)
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.
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"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."
Fans of AC Milan before the Serie A match between US Sassuolo and AC Milan at Mapei Stadium, Citta' del Tricolore on Aug. 30, 2022 in Reggio nell'Emilia, Italy. (Claudio Villa/AC Milan via Getty Images / Getty Images)
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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.