After signing the transfer of ownership of the Rossoneri, Elliott sells the club
The transfer of ownership of Milan has been signed which goes from the Elliott fund, managed by the Singer family, to the RedBird fund, founded by former Goldman Sachs banker, Gerry Cardinale for a sum of 1.2 billion euros. The fund’s underwriters also include Nba star LeBron James and the family that owns the iconic MLB franchise, the New York Yankees. AC Milan announced it with a note on their official website.
“RedBird Capital Partners (” RedBird “) announced today that it has completed the acquisition of the Milan Football Association (” AC Milan “,” Milan “or the” Club “) for 1.2 billion euros. AC Milan has been synonymous with football at the highest levels for 123 years. Since its foundation in 1899, Milan has been crowned Italian Champion 19 times and has won 7 European Cups / Champions League, 7 Italian Super Cups, 5 Italian Cups, 5 European Super Cups, 3 Intercontinental Cups, 2 Cup Winners’ Cups, and 1 FIFA Club World Cup. As the new owner of AC Milan, RedBird will continue to invest in all key areas for promoting sporting interests and commercial activities of the Club, based on the results achieved in the last season, culminating in the victory of the Serie A championship. approx pitolo of the legendary history of Milan “.
“The priority areas of interest – the press release continues – include the support to the work of the Club’s sporting and corporate leadership to ensure that the team is constantly competitive at the highest levels of football; to ensure that it can count on infrastructures and facilities up to a ‘sports organization among the most important in the world; strengthen the Club’s women’s and youth teams, and the Milan Foundation, the Club’s institution dedicated to projects in support of the most fragile categories “.
“Our vision for Milan is clear – Cardinale emphasizes -: we will support our talented players, coaches and staff in their commitment to achieve success on the pitch and to allow our fans to share the extraordinary experiences of this historic club. way of leveraging our global network of sports and media, our experience in data collection and analysis, our track record in the development of sports stadiums and hospitality to achieve one goal: to keep AC Milan at the top of European and world football. ” The agreement will also see Yankee Global Enterprises (YGE) – owner of the New York Yankees, one of the most important sports franchises in the world – enter into a strategic partnership with the Club with a minority stake in AC Milan. RedBird has a longstanding relationship with the Yankees and the Steinbrenner family, with whom he co-owns the Yankees Entertainment Sports (YES) Network, the most followed regional sports network in the United States.
On the partnership with YGE, Cardinale states, “We have a decades-long relationship with the New York Yankees and the Steinbrenner family that has led to the creation of some of the most successful businesses in sports, entertainment and hospitality. We are delighted that our partnership with them continues and we will look to explore opportunities together to expand our ability to reach the widest possible number of fans and expand the business opportunities accessible only to companies operating at the highest levels of world sport. ” The completion of the AC Milan acquisition brings RedBird’s assets under management to approximately $ 7.5 billion, with AC Milan adding to RedBird’s global sports and entertainment portfolio, which includes Fenway Sports Group (Liverpool FC, Boston Red Sox, Pittsburgh Penguins), Toulouse FC, the Rajasthan Royals, YES Network, SpringHill Company, Skydance Media, XFL, OneTeam Partners and Dream Sports.