Cardinale’s exciting RedBird deal with baseball franchise and star chest arrives tomorrow
according to financial times The New York Yankees baseball franchise and Los Angeles-based venture fund are investing in AC Milan with American private equity group Redbird, which is close to acquiring the club for €1.2 billion. The Yankees are owned by the Steinbrenner family, and by Main Street Advisors, the Los Angeles-based fund that includes basketball star LeBron James, popular music producer Jimmy Iovine and rapper Drake among its investors. The Financial Times will become shareholders in the Serie A team RedBird will announce the entry of its new partners early tomorrow, as it is expected to formally take over management of the club from its current owner, US hedge fund Elliott Management.
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Basic He worked with the New York Yankees for decades, including during his years at Goldman Sachs, and was an early investor in the birth of the team’s regional sports channel, YES Network. According to the Financial Times, the agreement could also include broadcasting Milan matches on the channel.
This wouldn’t be the Yankees’ first foray into football: they and City are co-owners of New York City in the NBA. Now they must work closely with Milan, while Cardinale works to increase the club’s revenue along with the successes.
Cardinale’s good relations with athletes and stars helped forge the agreement with Main Street that James, Evin and Drake will not be directly involved, they have not bought stakes in AC Milan and will only be investors through the fund. LeBron James and partner Maverick Carter already had business ties to Cardinale: RedBird is a shareholder in the couple’s media group, SpringHill, and is already involved in minority stakes in Fenway Sports Group, which controls the Liverpool and Red Sox. It is not yet clear how much the Yankees and Main Street will be involved in Milan.
Article under update
Aug 30, 2022 (change on Aug 30, 2022 | 10:06am)
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