Main Street Advisors, a fund backed by the New York Yankees and LeBron James, are investing in Italian football club AC Milan. RedBird’s founder Gerry Cardinale adds to the list of ambitious American investors buying into the beautiful game. In May of this year, a group led by American businessman Todd Boehly successfully took over Chelsea, one of England and Europe’s biggest clubs.
RedBird is expected to announce their new partnership when they gain complete control of the club in the coming days. The Company is extremely close to acquiring the reigning Italian champions for €1.2 billion from fellow American owners, Elliott Management.
Music producer Jimmy Iovine and rapper Drake will indirectly become shareholders in the historic club due to their shares in the Main Street Advisors. Sources familiar with the situation suggest that James, Drake and Iovine will be passive investors in the seven-time UEFA Champions League winners.
James’ agent and business partner Maverick Carter’s media group Spring Hill have minority stakes in another European football giant, Liverpool, and a historical baseball franchise, the Boston Red Sox. RedBird’s stake in Liverpool is believed to be around 10%.
With an official announcement pending, it is unknown how much of AC Milan, the Yankees, and Main Street Advisors will obtain.
With Main Street Advisors backing the Yankees and RedBird backing the Red Sox, this sets up quite the team in the takeover of AC Milan. The two baseball clubs rivalry runs deep and is considered one of the most well-known rivalries in not only baseball, but all sports.
Football is known as the beautiful game and this wholly unimaginable and unexpected partnership might just explain why.
