Yankees News: Yankees Buy a 10% Stake of AC Milan

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REUTERS
Michael Bennington
Tuesday August 30, 2022

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The New York Yankees are getting another “Bambino” as a business asset.

The Bronx Bombers and a group of investors led by LeBron James purchased AC Milan, sources told The Post on Tuesday.

Sources say that Hal Steinbrenner, the owner of the Yankees, bought a 10% stake in the Series A soccer power and may show repeats of the games on his YES cable network.

YES has a partnership to rebroadcast Manchester City games, which owns NYCFC. NYCFC plays at Yankee Stadium and televised on YES.

Hal [Steinbrenner] has a lot of interest in soccer, a source said.

Sources say that Steinbrenner will be a minority investor in Gerry Cardinale’s RedBird Capital Partners, which is buying AC Milan for $1.19 billion. Sources also said that Main Street Advisors, which is run by LeBron James, is also a minority investor.

A spokesperson for the Yankees declined to comment.

RedBird has almost completed the buyout of AC Milan and was looking for other investors to join them in the venture.

Cardinale has a long history with the Steinbrenner family. He was a Goldman Sachs banker who assisted in the 2002 launch of the YES Network.

RedBird is growing quickly and now manages $6 billion in assets. One of those assets is a piece of Fenway Sports Group, which owns the Boston Red Sox, the Yankees’ biggest rival, and the Liverpool soccer team.

In 1920, the legendary Babe Ruth was acquired by the New York Yankees from the Boston Red Sox. Ruth was known as the first Bambino.

American sports franchise owners are increasingly venturing into European soccer, and this deal for AC Milan, who just won their 19th Series A title, is the latest example.

Los Angeles Dodgers owner Todd Boehly bought Chelsea. Crystal Palace belongs to 76ers owner Josh Harris. Stan Kroenke, owner of the Rams, Nuggets, and Avalanche, owns Arsenal. Red Sox owner John Henry owns Liverpool, and the Glazers own fabled Manchester United.

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