Yankee Global Enterprises, the LLC that owns the New York Yankees, is reportedly joining the RedBird Capital takeover of Italian soccer club AC Milan, per the Financial Times (h/t James Horncastle) of The Athletic.
RedBird Capital agreed to a €1.2billion ($1.2 billion) takeover of the defending Serie A champions in June from Elliott Advisors, which will retain two seats on the club's board.
RedBird Capital Partners is a United States investment firm founded by Gerry Cardinale, who serves as the managing partner.
The firm owns stakes in the Fenway Sports Group—which owns Liverpool, the Boston Red Sox and Pittsburgh Penguins—Ligue 1's Toulouse FC, the XFL and the Indian Premier League's Rajasthan Royals (cricket).
Yankee Global Enterprises also co-owns Major League Soccer's New York City FC alongside Manchester City Football Group.
According to the Financial Times, "Cardinale has worked with the Yankees for decades, including during his years at Goldman Sachs, which advised and was an early investor in the formation of the teams regional sports channel, the YES Network."
Per that report, the Yankees "will work closely with AC Milan as Cardinale tries to increase the Italian club's revenues and on-field successes," which could include "AC Milan programming on the YES Network."
The California-based investment firm Main Street Advisors—which includes LeBron James and Drake among its investors—is also reportedly joining the RedBird Capital Partners takeover.
AC Milan is one of Europe's most legendary and successful European soccer clubs, with 19 Serie A titles and seven European Cup/Champions League titles. Only Juventus has won more Serie A titles (36), while Inter Milan is even with its rivals at 19 league championships.
The club is considered one of the "seven sisters" of Italian football, joining Juventus, Inter, Lazio, Fiorentina, Roma and Napoli.