There are also the New York Yankees and an investment fund in Los Angeles which also includes LeBron James among the partners of RedBird in the operation that Gerry Cardinale is concluding for Milan. According to the Financial Times, in fact, several partners will also be included alongside Cardinale in the € 1.2 billion acquisition of the Rossoneri club.
In particular, there will be the well-known baseball team, owned by the Steinbrenner family, and Main Street Advisors, the Los Angeles-based fund that counts among its investors LeBron James, famous music producer Jimmy Iovine and rapper Drake. the newspaper. RedBird, explains the Financial Times, will announce the entry of its new partners as early as Wednesday when the closing of the transaction with Elliott for the purchase of Milan should take place.
The Yankees will work closely with AC Milan as Cardinale tries to aim to increase the Italian club’s revenues and success on the pitch. Part of the collaboration could include AC Milan programming on YES Network, a regional sports network owned by a consortium formed by Yankees, Amazon, RedBird and Sinclair Broadcast Group. Cardinale’s existing commercial network of high-profile athletes and celebrities helped facilitate the deal with Main Street: James, Iovine and Drake will be passive investors in AC Milan through the fund and have not taken direct holdings.
LeBron James, among others, already has a long-standing partnership with Cardinale, considering that RedBird is a shareholder of SpringHill (production house of the four-time NBA champion) as well as being a partner in the Fenway Sports Group, which controls Liverpool Football Club and Boston Red Sox, as well as Cardinal’s own company.
In the transaction, Elliott agreed to loan RedBird € 600 million to help finance the acquisition. With interest charged at 7%, Cardinale spent the summer talking with potential co-investors with the aim of reducing the loan amount, although, the Financial Times concludes, it is unclear how much of the club the Yankees and Main Street will own. .