The NBA superstar, LeBron James and his favourite MLB team, the New York Yankees are heading to acquire minority stakes in Italian football club AC Milan. James-backed California bank, Main Street Advisors and the Yankees’ investment arm Yankees Global Enterprises are joining private equity firm, RedBird Capital Partners’ $1.2 billion takeover of the Italian football champions.
RedBird and Elliott Advisors reached an agreement in June 2022 for Milan to be purchased for $1.2 billion (£1 billion). Elliott is giving Red Bird a vendor loan and is anticipated to hold two board seats.
Redbird Capital, a significant investor in a number of sports ventures, has previously allied with James and the Boston Red Sox, who play against the Yankees. In March 2021, Redbird Capital acquired stakes in James’ entertainment company SpringHill and in Fenway Sports Group, the owner of the Red Sox, Liverpool F.C. of the Premier League, and the Pittsburgh Penguins of the NHL.
LeBron partnered with Fenway Sports Group in 2011, which owns the Boston Red Fox, Liverpool FC, and half of Roush Fenway Racing. As a part of this deal, LeBron now owns a 2% stake in Liverpool Football Club as well.