The New York Yankees are often among the biggest spenders in the world of baseball, but now they have financial interest in the world of soccer/futbol, continuing their partial ownership in professional soccer teams.
AC Milan has officially announced that the New York Yankees now have an ownership stake in the team. The Yankees also have a partial ownership in New York City FC of the Major League Soccer league.
RedBird Capital Partners completed the deal to purchase a controlling interest in the seven-time European champions for €1.2 billion ($1.2b).
“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,” RedBird’s Gerry Cardinale said in a statement on Milan’s website.
“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.”
“Our vision for Milan is clear: we will support our talented players, coaches and staff to deliver success on the pitch and allow our fans to share in the extraordinary experiences of this historic club,” Cardinale said.
“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.”