As part of AC Milan’s takeover by RedBird Capital Partners, the New York Yankees will acquire a minority stake in the club, it has been confirmed.
The €1.2bn takeover was fully completed today, and the official website confirmed that the deal will also see Yankee Global Enterprises (YGE) – owner of the New York Yankees of Major League Baseball – enter into a strategic partnership with the club with a minority equity stake.
Yankee Global Enterprises, LLC (formerly YankeeNets, LLC), is an American limited liability company which owns the New York Yankees along with the broadcast company YES Network and a 20% stake in New York City FC soccer team. It was formed in 1999 and is controlled by the family of George Steinbrenner.
RedBird knows the Yankees and the Steinbrenner family well having been in a partnership for years. In fact, Gerry Cardinale’s fund are co-owner of the Yankees Entertainment Sports (YES) Network, which is the most-watched regional sports network in the United States.
On the partnership with YGE, Cardinale insisted that the relationship with the Yankees and with YES can open more avenues to greater increase the exposure of the club’s brand in Italy.
“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,” he said.
“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.”
