U.S. investment firm RedBird Capital announced in a statement on Wednesday that it has partnered with Yankee Global Enterprises to purchase Italian soccer team AC Milan. Together with the owners of the New York Yankees baseball team, RedBird Capital was able to come up with the 1.2 billion euro ($1.2 billion) investment needed to purchase the current Serie A champions.
As part of the deal to acquire the team from the current owners, the U.S. private equity group Elliott, Yankee Global Enterprises will receive a minority stake in the soccer team, while RedBird takes a controlling stake.
Under the previous ownership of former Italian Prime Minister Silvio Berlusconi, AC Milan rose to the summit of European football, winning the UEFA Champions League competition in 2007. Following the club’s purchase by Elliot, the team declined in its performances, albeit making a comeback by winning the domestic league title earlier this year.
According to RedBird founder Gerry Cardinale, the firm is intent on “maintaining Milan’s place at the summit of European and world football”, thus building on the team’s newfound success.
RedBird’s other sports investments include a stake in the Fenway Sports Group, which owns Premier League soccer club Liverpool as well as the Boston Red Sox baseball team.