New York Yankees management teams up with NBA legend LeBron James to buy joint ownership of Italian football club AC Milan
The New York Yankees baseball franchise and Main Street Advisors, a Los Angeles investment fund, have teamed up to invest in AC Milan. Alongside, the US private equity firm RedBird will join forces to finalize the €1.2 billion purchase of Milan, the top-tier Italian football team. Elliott Advisors UK Limited, which has owned Milan since 2018, will transfer control of the team to the new owner.
Since NBA legend LeBron James, music producer Jimmy Iovine, and rapper Drake are partners with Main Street Advisors, they are investors in AC Milan. Gerry Cardinale, the founder and managing partner of RedBird, and the Yankees, seek to boost Milan's earnings and on-field accomplishments.
The whopping Yankees-Main Street-RedBird, €1.2 billion deal, will take place by the last week of September.
Yankees And LeBron James Buy Into AC Milan Soccer Team Ownership forbes.com/sites/dereksau… https://t.co/BMdqivwQUd
"Yankees And LeBron James Buy Into AC Milan Soccer Team Ownership." - @Forbes
LeBron James-backed Main Street also has stakes in Liverpool, the English Premier League club, and the Boston Red Sox.
New York Yankees management co-owns New York City FC with Manchester City
New York City FC, a Major League Soccer football team headquartered in New York City, was founded in 2013 as a joint venture between Manchester City and the New York Yankees.
Ferran Soriano, CEO of Manchester City Football Club, said:
"New York is a legendary sports town, as well as a thriving global city with a rapidly expanding soccer fan-base. In the Yankees, we have found the absolute best partner for developing a world-class sports organization and a winning team that will carry the New York City Football Club name with pride.”
The New York Yankees now own parts of New York City FC and AC Milan and LeBron James now owns parts of Liverpool FC and AC Milan. Meanwhile, Riccardo Silva now owns Miami FC and part of AC Milan. sportbusiness.com/news/yankees-l…
"The New York Yankees now own parts of New York City FC and AC Milan and LeBron James now owns parts of Liverpool FC and AC Milan. Meanwhile, Riccardo Silva now owns Miami FC and part of AC Milan." - Bob Williams
It is not unusual for Americans to own European soccer teams. However, in recent years, American investors have increasingly demonstrated a readiness to purchase clubs in the English Premier League and other European leagues. It is spearing its head and is not going to die down anytime soon.