ROME (AP) — AC Milan introduced the closing of its newest possession change Wednesday, which includes a minority stake for the New York Yankees.
RedBird Capital Companions accomplished the deal to buy a controlling curiosity within the seven-time European champion for 1.2 billion euros ($1.2 billion).
It’s the second soccer workforce the Yankees will partially personal after MLS’s New York Metropolis.
Gerry Cardinale, who based RedBird in 2014 and is a managing accomplice, introduced a preliminary agreement in June to purchase Milan from fellow American agency Elliott Administration.
“We’ve a multi-decade relationship with the New York Yankees and the Steinbrenner household that has resulted within the creation of a number of the most profitable companies in sports activities, leisure and hospitality,” Cardinale mentioned in an announcement on Milan’s web site.
“We’re more than happy to proceed our partnership with them and can look to discover alternatives collectively to broaden our fan attain and increase business alternatives which might be solely out there to franchises that function on the highest ranges of sports activities globally.”
The closing comes simply in time for Cardinale to make his debut as Milan’s new president at Saturday’s derby in opposition to metropolis rival Inter Milan.
“Our imaginative and prescient for Milan is obvious: we’ll assist our gifted gamers, coaches and employees to ship success on the pitch and permit our followers to share within the extraordinary experiences of this historic membership,” Cardinale mentioned.
“We are going to look to leverage our world sports activities and media community, our analytics experience, our monitor document in sports activities stadium developments and hospitality to ship one purpose — sustaining Milan’s place on the summit of European and world soccer.”
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Andrew Dampf is at https://twitter.com/AndrewDampf