New York Yankees purchase minority stake in A.C. Milan

The Financial Times reported that Main Street Advisors, the Los Angeles-based fund supported by LeBron James, is also investing in Milan

The New York Yankees has purchased a minority stake in Italian football champion AC Milan, which announced the closing of its latest ownership change.

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

It’s the second soccer team the Yankees partially own after MLS’ New York City.

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

Yankees Global Enterprises, the baseball team’s parent company led by the Steinbrenner family, will take a stake of about 10%, a person familiar with the negotiations told The Associated Press on Tuesday, speaking on condition of anonymity before the final deal had been announced.

The Yankees agreed in 2013 to purchase a 20% stake in the New York City Major League Soccer team that launched in 2015. City Football Group, Manchester City’s parent company, is the controlling owner.

“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,” Cardinale said in a statement on Milan’s website.