The New York Yankees baseball franchise and a Los Angeles investment fund are investing in AC Milan alongside US private equity group RedBird, which is closing in on the €1.2bn acquisition of Italy’s football champions, two people with direct knowledge of the matter said. The baseball team, owned by the Steinbrenner family, and Main Street Advisors, the LA-based fund that counts among its investors basketball star LeBron James, famed music producer Jimmy Iovine and rapper Drake, will become shareholders in the Serie A team, those people said. RedBird is set to announce the entry of its new partners as early as Wednesday when it is expected to officially take control of the club from its current owner, US hedge fund Elliott Management, those people said.
Source: James Fontanella-Khan @ ft.com
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