The New York Yankees and a Los Angeles-based investment fund that includes LeBron James are set to invest in Italian Serie A side Milan along with US firm RedBird Capital Partners, which is on the verge of a deal to buy the Yankees. Italian soccer champions for 1.2 billion euros, the Financial Times said on Tuesday.
Gerry Cardinale, founder and managing partner of RedBird, announced in June a preliminary agreement to buy the Milan from another US firm, Elliot Management, with closing planned for September.
Officials close to RedBird did not comment on the new report when contacted by the Associated Press, but said an announcement would be made in the coming days. The officials spoke on condition of anonymity because the final deal has not been announced.
Seven-time European champions Milan celebrate their first league title in 11 years. The Yankees, winners of 27 Major League World Series titles, are already involved in the world of soccer as co-owners with Manchester City of MLS’s New York City FC.
Main Street Advisors, the fund in which James participates, also has rapper Drake among its partners, as well as the English Premier League club Liverpool and the Major League Baseball Red Sox.
James and Drake will be passive investors in Milan through the fund and have not purchased direct shares, the newspaper said.
RedBird also has a stake in the Fenway Sports Group, which owns Liverpool and the Red Sox. Champions League rules prohibit two clubs in the competition from having the same owner, to protect the integrity of the matches. UEFA will almost certainly have to assess the extent of RedBird’s influence on decisions in Liverpool.
RedBird will be the fourth owner of Milan in five years.
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Report: Yankees to invest in Milan