AC Milan announced an ownership change involving the New York Yankees

AC Milan announced an ownership change involving the New York Yankees

ROME – AC Milan announced Wednesday the closing of its latest ownership change, which includes a minority stake for the New York Yankees.

RedBird Capital Partners has completed a deal to buy a controlling interest in the seven-time European champions for €1.2 billion ($1.2 billion).

It is the second soccer team the Yankees will partially own after MLS New York City.

Gary Cardinale, who founded Redbird in 2014 and is a managing partner, announced a preliminary agreement in June to buy Milan from fellow US firm Elite Management.

“We have a decades-long relationship with the New York Yankees and the Steinbrenner family that has resulted in some of the most successful sports, entertainment and hospitality businesses,” Cardinale said in a statement on Milan’s website.

“We are very excited to continue our partnership with them and together we will explore opportunities to expand our fan reach and business opportunities that are only available to franchises that perform at the highest level of sports globally. does.”

The end comes just in time for the cardinal to make his debut as Milan’s new president against city rivals Inter Milan in Saturday’s derby.

“Our vision for Milan is clear: we will support our talented players, coaches and staff to deliver success on the field and allow our fans to share the extraordinary experiences of this historic club,” Cardinale said.

“We will leverage our international sports and media networks, our analytical skills, our track record in sports stadium developments and hospitality to deliver one goal – to maintain Milan’s place at the summit of European and world football. “

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