Owned by Eliott management since 2018, the Italian club AC Milan has been acquired by RedBird, another American private equity fund. " We will look to leverage our global sports and media network, our analytics expertise, our track record in sports stadium developments and hospitality to deliver one goal - maintaining Milan’s place at the summit of European and world football," Gerry Cardinale, RedBird Founder and Managing Partner, said.
The deal will also see Yankee Global Enterprises, owner of the New York Yankees, enter into a strategic partnership with the club with a minority equity stake in AC Milan. The two entities are already co-owners of Yankees Entertainment Sports Network, “the most-watched regional sports network in the United States”, AC Milan’s press release indicates.
"We have a multi-decade relationship with the New York Yankees and the Steinbrenner family that has resulted in the creation of some of the most successful businesses in sports, entertainment and hospitality. We are very pleased to continue our partnership with them and will look to explore opportunities together to broaden our fan reach and expand commercial opportunities that are only available to franchises that operate at the highest levels of sports globally", Gerry Cardinale adds.