The New York Yankees baseball franchise and a Los Angeles investment fund Main Street Advisors are investing in AC Milan with RedBird Capital Partners.
"The baseball team, owned by the Steinbrenner family, and Main Street Advisors, the LA-based fund that counts among its investors basketball star LeBron James, famed music producer Jimmy Iovine and rapper Drake, will become shareholders in the Serie A team", claims The Financial Times.
RedBird expect to announce the entry of their new partners as early as Wednesday when it is expected to officially take control of the AC Milan club from Elliott Management Corporation.
The Yankees will work closely with AC Milan as Cardinale tries to increase the Italian club’s revenues and on-field successes. Part of the collaboration could include AC Milan programming on the YES Network, a regional sports network owned by a consortium of the Yankees club, Amazon, RedBird and Sinclair Broadcast Group, as per sources Ft.com.
