Italian club AC Milan announced Wednesday the completion of its latest ownership change, which includes a minority stake in the New York Yankees.
RedBird Capital Partners has completed the deal to acquire a controlling stake in the seven-time European champions for 1.2 billion euros ($1.2 billion).
This is the second soccer team the Yankees will join, after New York City FC in the MLS.
Gerry Cardinale, who founded RedBird in 2014 and is chief executive, announced a tentative deal in June to buy Milan from another US firm, Elliott Management.
“We have a decades-long relationship with the New York Yankees and the Steinbrenner family that has resulted in the creation of some of the most successful companies in sports, entertainment and hospitality,” Cardinale said in a statement on Milan’s website. .
“We are very pleased to continue our partnership with them and explore opportunities together to expand our reach with fans and expand business opportunities that are only available to franchisees operating at the highest level of global sport.”
The closing of the deal comes just in time for Cardinale to make his debut as Milan’s new president in Saturday’s clash against Inter.
“Our vision for Milan is clear: we want to support our talented players, coaches and staff to succeed on the pitch and allow our fans to share in the incredible experience of this historic club,” he said.
“We will look to leverage our global sports and media network, our analytical expertise, our track record in stadium construction and hospitality towards one goal – to maintain Milan’s place at the top of European and world football.”