Friday December 2nd, 2022 2:11AM

Report: Yankees, LA fund investing in AC Milan soccer team

By The Associated Press
Related Articles
  Contact Editor

ROME (AP) — The New York Yankees and the Los Angeles-based fund that includes LeBron James are investing in AC Milan alongside RedBird Capital Partners, which is nearing a deal to purchase the Italian soccer champion for 1.2 billion euros ($1.2 billion), the Financial Times reported on Tuesday.

Gerry Cardinale, the founder and managing partner of RedBird, announced a preliminary agreement in June to purchase Milan from fellow American firm Elliott Management, with the closing scheduled by September.

Officials close to RedBird would not comment on the latest report when contacted by the Associated Press but said an announcement will be coming in the next couple of days. The officials spoke on condition of anonymity because the final deal has not been announced yet.

Milan, a seven-time European champion, is coming off its first Italian title in 11 years.

The Yankees, the 27-time World Series champions, are already involved in soccer as co-owners with Manchester City of New York City FC in Major League Soccer. New York City FC plays some of its home games at Yankee Stadium.

Main Street Advisors, the fund supported by James, also counts the rapper Drake among its partners, as well as English Premier League club Liverpool and the Boston Red Sox.

James and Drake will be passive investors in Milan through the fund and have not taken direct stakes, the newspaper reported.

RedBird also has a stake in Fenway Sports Group, which owns Liverpool and the Red Sox. Champions League rules prohibit two clubs in the competition being under the same ownership to protect the integrity of games on the field. UEFA will likely have to make a judgment on the extent of RedBird’s influence on decision-making at Liverpool.

RedBird is set to become Milan’s fourth owner in five years.

Elliott has owned Milan since 2018 after the club’s former Chinese owner failed to repay part of a loan. Former Italian premier Silvio Berlusconi controlled Milan for more than 30 years before selling to the Chinese group in 2017.

Inter Milan, Roma, Fiorentina and Bologna are among other foreign-owned teams in Serie A.

Having previously failed to qualify for Europe’s elite competition for seven consecutive years — that included a one-year UEFA ban for breaking financial monitoring rules — Milan is playing in the Champions League for a second consecutive season. That can earn the club about 100 million euros ($100 million) in UEFA prize money and help restore the club’s global brand.

Milan's team includes 40-year-old Zlatan Ibrahimović and fellow striker Olivier Giroud.


AP Sports Writer Graham Dunbar in Geneva contributed.


More AP soccer: and


Andrew Dampf is at

  • Associated Categories: Associated Press (AP), AP Sports, AP Online Baseball , AP Business, AP Sports - Major League Baseball
© Copyright 2022
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Heavy fighting rages in Ukraine's Russian-occupied south
A surge in fighting on Ukraine's southern front is fueling speculation that the long-awaited Ukrainian counteroffensive to try to turn the tide of the war is under way
9:54AM ( 3 minutes ago )
Stocks open higher on Wall Street after a two-day slide
Stocks are opening slightly higher on Wall Street following two days of slumps as investors worry that high interest rates aren't going away any time soon as the Federal Reserve fights inflation
9:47AM ( 10 minutes ago )
Gen Z, millennials speak out on reluctance to become parents
Overwhelming student debt
9:46AM ( 11 minutes ago )
Associated Press (AP)
Serena's daughter, Olympia, sports beads, like Mom years ago
When Serena Williams won the 1999 U.S. Open for her first Grand Slam title at age 17, she wore white beads in her hair
8:40AM ( 1 hour ago )
Judge hits 50th, Ohtani also goes deep as Angels edge Yanks
Aaron Judge hit his 50th home run of the season but Shohei Ohtani also went deep during their MVP showdown, and the Los Angeles Angels held off the slumping New York Yankees 4-3
2:46AM ( 7 hours ago )
Judge hits 50th home run, becomes 10th player to do it twice
Aaron Judge has hit his 50th home run of the season, connecting in the eighth inning for the New York Yankees against the Los Angeles Angels
12:44AM ( 9 hours ago )
AP Sports
Dodgers All-Star pitcher Gonsolin out with forearm strain
The Los Angeles Dodgers have put All-Star pitcher Tony Gonsolin on the injured list because of a strained right forearm, making the move as a precaution hours before his scheduled start at Miami
6:10PM ( 15 hours ago )
MLB players' association trying to unionize minor leaguers
The Major League Baseball Players Association is attempting to unionize minor leaguers, reversing decades of opposition
5:39PM ( 16 hours ago )
Hawaii wins Little League title, beating Curacao 13-3
Hawaii got back-to-back homers from Kekoa Payanal and Kama Angell in the first inning, sparking a 13-3 win in just four innings Sunday over Curacao in the championship of the Little League World Series
2:27AM ( 1 day ago )
AP Online Baseball
Danube drought reveals parts of hidden WWII history
The worst drought in Europe in decades has not only scorched farmland and hampered river traffic, it also has exposed a part of World War II history that had almost been forgotten
9:51AM ( 7 minutes ago )
Storms blamed in deaths of 3 in Michigan, Ohio, Arkansas
Severe storms that brought damaging winds, heavy rains and flash flooding to parts of the Midwest and the South are being blamed for the deaths of three people, including two children in Michigan and Arkansas
8:53AM ( 1 hour ago )
US futures point higher after Fed's comments upset markets
Wall Street was poised to rebound Tuesday after two days of widespread losses stemming from last week’s Federal Reserve pledge to fight inflation by keeping interest rates elevated
8:25AM ( 1 hour ago )
AP Business
Mets retire Willie Mays’ No. 24 as Old-Timers’ Day returns
In a surprise salute at Citi Field, the Mets have retired Willie Mays’ No. 24 as part of festivities for the organization’s first Old-Timers’ Day since 1994
9:25PM ( 2 days ago )
J-Rod's blockbuster contract with M's is fittingly unique
Julio Rodríguez hopes the contract extension he signed with Seattle will keep him as a member of the Mariners for the rest of his career
8:25PM ( 2 days ago )
Yankees reliever Chapman out with infection from tattoo
New York Yankees reliever Aroldis Chapman will be placed on the injured list after getting an infection in his leg from a recent tattoo
7:57PM ( 2 days ago )
AP Sports - Major League Baseball
Stocks open higher on Wall Street after a two-day slide
Stocks are opening slightly higher on Wall Street following two days of slumps as investors worry that high interest rates aren't going away any time soon as the Federal Reserve fights inflation
9:47AM ( 11 minutes ago )
Gen Z, millennials speak out on reluctance to become parents
Overwhelming student debt
9:46AM ( 12 minutes ago )
Musk cites whistleblower as new reason to exit Twitter deal
Elon Musk and Twitter lobbed salvos at each other in the latest round of legal filings over the billionaire Tesla CEO’s aborted plan to buy the social media platform
9:35AM ( 23 minutes ago )
Iraqis heed cleric's plea to leave streets after clashes
Armed supporters of a powerful Iraqi cleric who clashed with security forces in the capital have begun to withdraw from the streets
9:30AM ( 28 minutes ago )
Religious schools shun state funding despite Maine victory
Parents of children enrolled in Maine religious schools fought all the way to the U.S. Supreme Court for the state to treat tuition reimbursements the same as other private schools
9:21AM ( 36 minutes ago )