The New York Yankees plan to join forces with Red Bird Capital Partners to take over AC Milan, the Italian champions.
As I mentioned for the first time before Financial TimesAnd Yankee Global Enterprises, the commercial arm of the MLB franchise, and a Los Angeles-based investment fund, was brought in by Jerry Cardinale, founder of US private equity firm Redbird Capital Partners, which is expected to complete its acquisition of Milan this week.
RedBird agreed a €1.2 billion (£1 billion) deal for Milan in June, to take over the Serie A side from Elliott Advisors. Elliott offers Red Bird a loan to the seller and is expected to have two seats on the board.
RedBird has also acquired a stake in Fenway Sports Group (FSG), the company that bought Premier League side Liverpool in 2010 and also owns the Boston Red Sox.
RedBird’s stake in FSG is believed to be around 10 percent. Thus, the group’s acquisition of Milan is different in that RedBird will become active, controlling investors, as in Toulouse in the French league.
Milan started the new season well, winning two matches and drawing one of its first three matches.
They travel to Sassuolo for their next game on Tuesday.
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Via theathletic.com
