- Elliott Advisors sold AC Milan for €1.2 billion
- Yankee Global Enterprises has a longstanding relationship with RedBird
- RedBird will invest in all key areas that will advance AC Milan’s sporting and commercial interests
RedBird Capital Partners has completed its €1.2 billion purchase of Italian football club AC Milan from Elliott Advisors. Yankee Global Enterprises (YGE), owner of the US baseball team the New York Yankees, has acquired a minority equity stake as part of the deal.
RedBird will invest in all the key areas that will advance the club’s sporting and commercial interests, the firm said. RedBird has added AC Milan to its portfolio of global sports and entertainment investments that include Fenway Sports Group (owners of Liverpool FC, the Boston Red Sox and the Pittsburgh Penguins), Toulouse FC, the Rajasthan Royals, the YES Network, the SpringHill Company, Skydance Media, the XFL, OneTeam Partners and Dream Sports. The completion of the purchase of Milan takes RedBird’s assets under management to approximately $7.5 billion.
AC Milan is one of the most decorated football clubs in European football, having been Italian champions 19 times and European champions seven times.
“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,” said Gerry Cardinale, RedBird founder and managing partner. “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.”
“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,” said Cardinale on the partnership with YGE. “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.”
RedBird Capital is a private investment firm that focuses on building high-growth companies in partnership with entrepreneurs in sports, media, experiential consumer and financial services. The firm was founded by Gerry Cardinale in 2014 and is headquartered in New York.
The seller, Elliott Advisors, is a New York-based investment management firm with assets under management of $56 billion. The firm was founded in 1977.