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Yankees to join Investment Group in AC Milan takeover | News, Scores, Highlights, Stats & Rumors

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Yankee Global Enterprises, the LLC that owns the New York Yankees, would join RedBird Capital’s takeover of Italian soccer club AC Milan, according to the FinancialTimes (h/t James Horncastle) from The Athletic.

RedBird Capital agreed to a €1.2 billion ($1.2 billion) takeover of the reigning Serie A champions in June by Elliott Advisors, which will retain two seats on the club’s board.

RedBird Capital Partners is an American investment company founded by Gerry Cardinale, who is the managing partner.

The company has stakes in Fenway Sports Group, which owns Liverpool, the Boston Red Sox and Pittsburgh Penguins, Toulouse FC of Ligue 1, the XFL and the Rajasthan Royals (cricket) of the Indian Premier League.

Yankee Global Enterprises also co-owns Major League Soccer’s New York City FC alongside Manchester City Football Group.

According to FinancialTimes“Cardinal worked with the Yankees for decades, including his years at Goldman Sachs, which advised and was an early investor in the formation of the teams’ regional sports channel, the YES Network.”

According to the report, the Yankees “will work closely with AC Milan as Cardinale tries to grow the Italian club’s on-field revenue and success,” which could include “AC Milan’s programming on the network YES”.

California-based investment firm Main Street Advisors, which counts LeBron James and Drake among its investors, would also join the takeover of RedBird Capital Partners.

AC Milan are one of the most legendary and successful European football clubs in Europe, with 19 Serie A titles and seven European Cup/Champions League titles. Only Juventus have won more Serie A titles (36), while Inter Milan are level with their rivals at 19 league championships.

The club is considered one of the “seven sisters” of Italian football, joining Juventus, Inter, Lazio, Fiorentina, Roma and Napoli.