Yankee Global Enterprises also in the deal
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“As the new owner of AC Milan, RedBird will continue to invest in all key areas that will further the club’s sporting and commercial interests, building on last season’s results.assures the current third in Serie A in a statement. The priority will be that the team is consistently competitive at the highest levels, to ensure that it has infrastructure and facilities worthy of one of the most important sports organizations in the world, to strengthen women’s and youth teams, as well as its charitable arm, the Milan Foundation.“.
The deal also includes a strategic partnership and minority stake with Yankee Global Enterprises (YGE), owner of the New York Yankees. The New York Yankees baseball franchise will have a minority stake, the note said.
“We will support our talented players, coaches and staff to succeed on the pitch“said RedBird founder Gerry Cardinale, who wishes”keep AC Milan at the top of European and world footballRedBird is present in the sports world in North America, but is already active in Europe, through a minority stake in the English club Liverpool but also with the control from 2020 of Toulouse, promoted to Ligue 1.
He is also associated with a Californian fund, Main Street Advisors, led by businessman Paul Wachter, and has basketball star LeBron James, music producer Jimmy Iovine and rapper Drake among his own partners. This operation confirms the attractiveness of Italian football in the eyes of North American investors: more than a third of the Serie A clubs were American or Canadian owned last season (AS Roma, Bologna, Fiorentina, Venice, La Spezia, Genoa and partly Atalanta Bergamo). .
A new stadium
If they come out of a less glorious decade, the Rossoneri have been rekindling for two years, a rebirth confirmed by the Scudetto they won in May, the first since 2011. Silvio Berlusconi, at that time, was still the owner. The entrepreneur had bought the club in 1986 to take it to the top of Europe with games and stars (Van Basten, Gullit, Maldini, Kakà, Pirlo, Shevchenko …). He split in 2017 when the club was heavily indebted and sporting overwhelmed.
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Elliott Management took over the club by accident a year later, as the creditor of the Chinese buyer, businessman Li Yonghong, who was unable to repay a loan. The fund has bet on young players with high potential, entrusting its sports policy to the legend of the club Paolo Maldini, 54, and has avoided wage madness. The only real protagonist of the team today is forty-year-old Zlatan Ibrahimovic, guardian of a young generation inexperienced.
The recipe worked: Milan seduced again and the accounts are more presentable. Losses fell below € 100 million in 2020/21 (€ 96 million), for the first time since 2017, after peaking in 2020 (€ 195 million). In addition to the brand image of Milan, the interest of the operation is based on the project of the new stadium built by the Lombard club and its rival, Inter. Synonymous with increased ticket revenue, the new enclosure will succeed the venerable San Siro after 2026, but is still debated locally.
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