New York Yankees Buy Minority Stake in AC Milan

New York Yankees , Buy Minority Stake in AC Milan.

New York Yankees , Buy Minority Stake in AC Milan.

ESPN reports that AC Milan made the announcement on Aug.

31.

Private investment firm RedBird Capital Partners completed the $1.2 billion deal that includes the Yankees.

Private investment firm RedBird Capital Partners completed the $1.2 billion deal that includes the Yankees.

ESPN reports that the Yankees also own a minority stake in New York City FC.

ESPN reports that the Yankees also own a minority stake in New York City FC.

RedBird founder Gerry Cardinale announced the preliminary agreement to purchase Milan from Elliott Management in June.

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, Gerry Cardinale, via statement.

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, via statement.

ESPN reports Cardinale will take the helm as Milan's new president at the game against Inter Milan on Sept.

3.

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, Gerry Cardinale, via statement.

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, via statement