AC Milan ‘close in on new ownership group’ including the Yankees & LeBron James in huge $1.2bn deal

>

AC Milan ‘close in on a star-studded new ownership group including the New York Yankees, LeBron James and Drake’ as RedBird Capital near $1.2bn deal to take over the Italian champion

  • If the reported $1.2billion deal goes through LeBron James will be part-owner
  • The NBA star is already invested in Liverpool FC via Main Street Advisors¬†
  • James and Drake are partners in the firm which also has stakes in the Red Sox¬†
  • The Yankees are already well versed in soccer ownership — co-owning 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 struck with the current owners back in June¬†

<!–

<!–

<!–

<!–

<!–

<!–

The New York Yankees, LeBron James and rapper Drake are closing in on a deal to become part-owners of AC Milan, as RedBird Capital Partners reportedly near an agreement to purchase the Italian champions for an eyewatering $1.2billion. 

The acquisition is nearing conclusion, according to the Financial Times. 

A preliminary agreement was reached in June between Gerry Cardinale, the founder and managing partner of RedBird, and the incumbent Elliott Management firm — with the closing scheduled for September.

LeBron James and rapper Drake could soon be part-owners of Italian champions, AC Milan

LeBron James and rapper Drake could soon be part-owners of Italian champions, AC Milan

James and Drake will be passive investors in Milan through Main Street Advisors — of which they are partners — and have not taken 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 Manchester City of New York City FC in Major League Soccer. New York City FC plays some of its home games at Yankee Stadium. 

The Steinbrenner family, which owns the Yankees, look set to expand their ownership abroad

The Steinbrenner family, which owns the Yankees, look set to expand their ownership abroad

The Steinbrenner family, which owns the Yankees, look set to expand their ownership abroad 

Main Street Advisors, of which James and Drake are partners, has stakes 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 competition being under the same ownership to protect the integrity of games on the field. 

AC Milan won their first Serie A title in over a decade on a thrilling final day of last season

AC Milan won their first Serie A title in over a decade on a thrilling final day of last season

AC Milan won their first Serie A title in over a decade on a thrilling final day of last season

European soccer’s governing body, UEFA, will likely have to make a judgment on the extent of RedBird’s influence on decision-making at Liverpool.

RedBird is set to become Milan’s fourth owner in five years. The Rossoneri are seven-time European champions and most recently won the Italian league title, its 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

Milan star Rafael Leao (center) celebrates with teammates after scoring vs. Bologna Saturday

Milan star Rafael Leao (center) celebrates with teammates after scoring vs. Bologna Saturday 

Former Italian premier Silvio Berlusconi controlled Milan for more than 30 years before selling to the Chinese group in 2017.

Having previously failed to qualify for Europe’s elite competition for seven consecutive years – that included a one-year UEFA ban for breaking financial monitoring rules – Milan is playing in the Champions League for a second consecutive season, which will have significant impact on their financial might.

Inter Milan, Roma, Fiorentina and Bologna are among other foreign-owned teams in Serie A. 

The Rossoneri have one of the most fervent fanbases in all of Italy and indeed on the continent

The Rossoneri have one of the most fervent fanbases in all of Italy and indeed on the continent

The Rossoneri have one of the most fervent fanbases in all of Italy and indeed on the continent