US investment firm Red Bird Capital announced on Wednesday that it has teamed up with the owners of the New York Yankees to complete a €1.2 billion takeover of Serie A club AC Milan.
Yankee Global, the owner of the New York baseball team, will acquire a minority stake in AC Milan as part of the acquisition of the Italian club from the American Elliott Group.
Jerry Cardinale, founder of Red Bird, said the goal of the new owners was to keep Milan at the top of European and world football.
Red Bird also owns investments in Fenway Sports Group, which owns Liverpool and the American baseball team Boston Red Sox, as well as a majority stake in French football club Toulouse.
