The New York Yankees baseball club and a Los Angeles investment fund will invest in AC Milan alongside RedBird Capital, a report claims.
The Financial Times writes how RedBird are closing in on the €1.2bn acquisition of the Rossoneri as per sources close to the matter, and Gerry Cardinale has managed to get others involved.
The Yankees – owned by the Steinbrenner family – and Main Street Advisors (an LA-based fund that has LeBron James and Drake among its investors) will become shareholders in Milan.
RedBird could announce the presence of the new partners as early as Wednesday as per the report, as that is the day the fund are expected to officially take control of Milan acquiring the shares from Elliott Management.
The Yankees are one of the biggest brands in the world and they transcend the sport of baseball, having been crowned champions a record 27 times. The are also co-owners – with Manchester’s City Football Group – of MLS franchise New York City FC.
Cardinale has worked with the New York Yankees for decades and they will work closely with Milan as the incoming owner looks to capitalise on the ability to turn Milan into a media brand, taking advantage of the YES Network (Yankees Entertainment and Sports).