RedBird teams up with Yankees owners to complete AC Milan takeover

New York Yankees to complete the 1.2 billion euro ($1.20 billion) acquisition of Italian soccer champions AC Milan, it said in a statement on Wednesday. Yankee Global Enterprises (YGE), owner of the New York baseball team, will take a minority equity stake in the former European champions Milan as part of the deal to acquire the club from US private equity group Elliott.

RedBird Founder Gerry Cardinale said the aim of the new owners was "maintaining Milan’s place at the summit of European and world football". Milan are seeking to build on the success of last season when they won the Italian Serie A title for the first time in 11 years. Milan were a dominant force in European soccer under the previous ownership of former Prime Minister Silvio Berlusconi but won the European Champions League for the last time in 2007. RedBird is already an investor in Fenway Sports Group, the owner of Liverpool FC and the Boston Red Sox baseball team. RedBird also has a controlling stake in French soccer club Toulouse.