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AC Milan ‘close to new ownership group’ including the Yankees and LeBron James in massive $1.2 billion deal
AC Milan closes in on a star-studded new ownership group including the New York Yankees, LeBron James and Drake, as RedBird Capital approaches a $1.2 billion deal to acquire the Italian champion
- If Reported $1.2 Billion Deal Goes Through, LeBron James Will Become Co-Owner
- The NBA star has already invested in Liverpool FC through Main Street Advisors
- James and Drake are partners in the company that also has interests in the Red Sox
- The Yankees are already well versed in football ownership — co-owner of MLS side New York City FC, which plays most of its home games at Yankee Stadium
- The acquisition is expected to be announced in the coming days after a preliminary agreement was signed with the current owners in June
The New York Yankees, LeBron James and rapper Drake strike a deal to co-own AC Milan as RedBird Capital Partners reportedly nearly reached an agreement to buy the Italian champions for a dazzling $1.2 billion.
The acquisition is nearing completion, according to the Financial times.
In June, a preliminary agreement was reached between Gerry Cardinale, RedBird’s founder and managing partner, and the incumbent Elliott Management firm – with the closing slated for September.
LeBron James and rapper Drake could soon co-own Italian champion AC Milan
James and Drake will be passive investors in Milan through Main Street Advisors – of which they are partners – and have not taken any direct stakes, the report said.
Officials close to RedBird are yet to comment on the latest report, but an announcement is imminent.
The Yankees, the 27-time World Series champions, are already involved in soccer as co-owners with New York City FC’s Manchester City in Major League Soccer. New York City FC plays some of its home games at Yankee Stadium.
The Steinbrenner family, who own the Yankees, look poised to expand their property abroad
Main Street Advisors, of which James and Drake are partners, has interests in English Premier League club Liverpool and the MLB’s Boston Red Sox.
RedBird also has a stake in Fenway Sports Group, which owns Liverpool and the Red Sox.
Champions League rules prohibit two clubs in the league from having the same property to protect the integrity of matches on the pitch.
AC Milan won their first Serie A title in over a decade on a thrilling final day of last season
European football’s governing body, UEFA, will likely have to pass judgment on the extent of RedBird’s influence over decision-making at Liverpool.
RedBird becomes the fourth owner of Milan in five years. The Rossoneri are seven-time European champions and recently won the Italian league title, their first in 11 years.
Elliott has owned Milan since 2018 after the club’s former Chinese owner failed to repay part of a loan.
Milan star Rafael Leao (center) celebrates with teammates after scoring vs. bologna saturday
Former Italian Prime Minister Silvio Berlusconi controlled Milan for more than 30 years before selling to the Chinese group in 2017.
After seven consecutive years without qualifying for elite European competition – including a one-year UEFA ban for breaching financial supervision rules – Milan will play in the Champions League for the second consecutive season, which will have a significant impact on their financial power.
Inter Milan, Roma, Fiorentina and Bologna are among others foreign-owned teams in Serie A.
The Rossoneri have one of the most ardent fan bases in all of Italy and even the continent