NBA legend LeBron James set to invest in Serie A giants - Reports
NBA legend LeBron James is set to become a minority stakeholder in Serie A champions AC Milan, as per reports from The Financial Times.
The basketball icon is widely known for his immense affinity towards football and is a Liverpool fan. The four-time NBA champion is also a minority shareholder of the Reds, his favorite club, and is now looking to invest in another famous European club.
The New York Yankees will be heading the investment group along with LeBron James. Several other prominent names like famed music producer Jimmy Iovine and rapper Drake are also part of the group.
The Yankees are already shareholders in reigning Premier League champions Manchester City as well as MLS side New York City FC.
AC Milan were bought by RedBird Capital this summer, whose owner and founder Gerry Cardinale used to work with the Yankees in the past.
Yankees And LeBron James Buy Into AC Milan Soccer Team Ownership forbes.com/sites/dereksau… https://t.co/BMdqivwQUd
The partnership will represent a partnership between some of the most valuable properties across sports, according to Forbes.
The New York Yankees are the world’s most valuable baseball team valued at $6 billion. AC Milan are the 14th most valuable football team with a valuation of $1.2 billion.
Meanwhile, LeBron James is the second highest-paid athlete in the world with $121.2 million in annual earnings.
Forbes also confirmed that LeBron James is the only active billionaire athlete in the world apart from golf legend Tiger Woods.
AC Milan won their first Serie A title last season after more than a decade. They are also in the Champions League for the second successive season after a long dry spell. The Rossoneri seem to be on their way back to the zenith of Italian football after enduring a difficult phase.
LeBron James will be looking to repeat the Liverpool success wih AC Milan
LeBron James is one of the greatest basketball players to have ever graced the court, but he has been pretty successful as an investor as well. The two-time Olympic Gold Medal-winner has been a minority stakeholder at his favorite club Liverpool for more than a decade.
NEWS: @Yankees are taking a stake in AC Milan, who is being bought by RedBird Capital. Main Street Advisors, whose investors include @KingJames, also taking a stake, source says. FT first
#SportsBiz
Back in 2011, he invested £5 million to own 2% of the Premier League giants, which is estimated to be valued around £100 million right now.
AC Milan are one of the biggest clubs in world football and seem to be on their way back to the top after troubled times.
James' investment at the Italian club could reward him with massive returns in the future as well as establishing himself further in European football.