New York Yankees buy minority stake in AC Milan

Milan announced its latest change of ownership on Wednesday, which includes a minority stake in the New York Yankees.

RedBird Capital Partners has completed the deal to buy a controlling stake in the seven-time European champion for 1.2 billion euros ($1.2 billion).

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They are the second soccer team to be partly owned by the Yankees (the New York City soccer team is the other).

Jerry Cardinale, who founded RedBird in 2014 and is a managing partner, announced a preliminary agreement in June to buy Milan from US firm Elliott Management.

“Our multi-decade relationship with the New York Yankees and the Steinbrenner family has resulted in the creation of some of the most successful companies in sports, entertainment and hospitality,” Cardinale said in a statement on Milan’s website.

“We are extremely pleased to continue our partnership with them and will look forward to exploring opportunities together to expand our fan reach and expand business opportunities available only to franchisees operating at the highest levels of sport globally.”

The conclusion comes just in time for Cardinale to make his debut as Milan’s new president in Saturday’s derby against Inter Milan.

“Our vision for Milan is clear: we will support our talented players, coaches and staff to achieve success on the pitch and allow our fans to share in the extraordinary experiences of this historic club,” Cardinale said.

“We will look to leverage our global sports and media network, our analytical expertise, and our proven track record in the development of sports venues and hospitality to achieve one goal – maintaining Milan’s place at the pinnacle of European and world football.”