AC Milan are closing in on a star-studded new ownership group that includes LeBron James, Drake and the New York Yankees. RedBird Capital Partners are reportedly near an agreement to purchase the Italian champions for around $1.2billion.
New York Yankees’ parent company, Yankee Global Enterprises are partnering with U.S. private equity group RedBird Capital Partners to become minority investors in AC Milan, a deal that will also see Los Angeles-based investment firm Main Street Advisors, which includes NBA star, LeBron James and Drake, involved. The deal will make LeBron and Drake passive investors in Milan through Main Street Advisors, while they would not own a direct stake in the club.
“We’re very confident that the Yankee brand is the most famous sports brand in the world, and we think we can help boost the revenue of AC Milan by being associated with it,” Yankees president Randy Levine said Tuesday.
The news arrives two months after RedBird, which also has a stake in Fenway Sports Group, the owner of English Premier League club Liverpool, acquired AC Milan from Elliot Advisors to become the club’s fourth owner in five years. The move throws up a minor blip in that Champions League rules prohibit two clubs in the competition being under the same ownership to protect the integrity of games on the field. As a result, UEFA will likely have to make a judgment on the extent of RedBird's influence on decision-making at Liverpool.
LeBron is no stranger to the world of sports franchise ownership, as he already owns stakes in the Boston Red Sox, Pittsburgh Penguins, and Liverpool. The Yankees meanwhile, are already involved in ‘soccer’ as co-owners along with Manchester City of New York City FC in Major League Soccer.
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