AC Milan announced their latest change of ownership on Wednesday, involving a minority stake for the New York Yankees.
RedBird Capital Partners completed a deal to buy a controlling stake in the seven-time European champions for €1.2 billion ($1.2 billion).
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They are the second Yankees-owned football team (New York City FC in Major League Soccer is the other).
Gerry Cardinale, who founded RedBird in 2014 and is a managing partner, announced an initial deal in June to buy Milan from fellow American firm Elliott Management.
“We have a multi-decade relationship with the New York Yankees and the Steinbrenner family that has resulted in some of the most successful businesses in sports, entertainment and hospitality,” Cardinale said in a statement on Milan’s website.
“We are excited to continue our partnership with them and will look for opportunities together to expand the reach of our fans and expand commercial opportunities available only to franchises operating at the highest levels of sport globally.”
The closure came just in time for Cardinale to make his debut as Milan’s new president in Saturday’s derby against Inter Milan.
“Our vision for Milan is clear: we will support our talented players, coaches and staff to deliver success on the pitch and allow our fans to share the incredible experience of this historic club,” Cardinale said.
“We will leverage our global sports and media network, our analytical expertise, our track record in developing sports stadiums and hospitality to achieve one goal – maintaining Milan’s place at the pinnacle of European and world football.”