RedBird Capital Partners completes €1.2billion Milan takeover deal

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RedBird Capital Partners on Wednesday completed a €1.2billion takeover of Serie A champions Milan.

It was confirmed in June that RedBird had agreed a deal to acquire Milan from Elliott.

The American private investment firm is now officially the owner of the Rossoneri, with Yankee Global Enterprises (YGE), the owner of the New York Yankees, entering into strategic partnership and acquiring a minority equity stake in the club.

Gerry Cardinale, RedBird founder and managing partner, said: "Our vision for Milan is clear: we will support our talented players, coaches and staff to deliver success on the pitch and allow our fans to share in the extraordinary experiences of this historic club.

"We will look to leverage our global sports and media network, our analytics expertise, our track record in sports stadium developments and hospitality to deliver one goal – maintaining Milan’s place at the summit of European and world football."

RedBird’s portfolio of global sports and entertainment investments includes Fenway Sports Group (the owner of Liverpool, the Boston Red Sox and the Pittsburgh Penguins), Ligue 1 club Toulouse and Indian Premier League franchise the Rajasthan Royals.

On the partnership with YGE, Cardinale said: "We have a multi-decade relationship with the New York Yankees and the Steinbrenner family that has resulted in the creation of some of the most successful businesses in sports, entertainment and hospitality.

"We are very pleased to continue our partnership with them and will look to explore opportunities together to broaden our fan reach and expand commercial opportunities that are only available to franchises that operate at the highest levels of sports globally."