AC Milan announced this Wednesday that the American investment fund RedBird Capital definitively acquired the ‘rossonero’ club for 1,200 million euros, in an operation in which the American sports franchise Yankee Global Enterprises also participatesowner of the New York Yankees (baseball), as a minority shareholder.
The new era begins for the ‘rossoneri’. The entry of the US fund is for all purposes complete from this Wednesday, despite the fact that the agreement was announced on June 1.
The Elliot fund, also American, thus makes way for RedBirdheaded by Gerry Cardinale, founder and managing partner of this fund which, with 1,200 million euros, intends to return Milan to the top of Europe.
RedBird Capital already has experience in sports-related investments. He owns 85% of Toulouse, which will play in the French first division next season; and 10% of Fenway Spots Group, an American company -of which basketball player LeBron James is a part- with assets in Liverpool, Boston Red Sox (baseball) and Pittsburgh Penguins (hockey).
The agreement includes as a minority shareholder, in what Milan calls in its statement a “strategic association”, Yankee Global Enterprises (YGE), a sports franchise owned by the Steinbrenner family, with which RedBird also shares ownership. American pay channel Yankee Entertainment and Sports Network.
About this strategic partnership, Cardinale said: “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.”
“Priority areas of focus include support the sports and commercial leadership of the club to ensure the team is consistently competitive at the highest levels of football; ensure it has the infrastructure and facilities commensurate with one of the world’s leading sports organizations; and strengthen the Club’s women’s and youth teams, as well as its charitable arm, ‘Fondazione Milan,'” the Milan club said in its statement.
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For his part, Cardinale left no doubt as to what RedBird’s goal is with Milan.
“Our vision for Milan is clear: we will support our talented players, coaches and staff to achieve success on the pitch. We will seek to leverage our global sports and media network, analytics expertise, track record in developing sports stadiums and hospitality to achieve a goal: maintain Milan’s place at the top of European and world football“said the managing partner of the fund.