Writer’s Strike End a Boon for Sports Networks, Agencies
AC Milan is adding two big names to its list of high-profile sports investors.
MLB’s New York Yankees and the Main Street Advisors investment fund are reportedly becoming stakeholders in the Serie A team.
The pair would join RedBird Capital Partners, which entered an agreement in June to purchase the team from Elliott Management. Elliott acquired the club in 2018 after former owner Li Yonghong missed a loan-repayment deadline.
- The acquisition valued the club at $1.2 billion.
- The Financial Times stated that Elliott agreed to lend RedBird $602 million to help with the latter’s takeover.Â
- RedBird has reportedly been looking for co-investors to reduce the size of the loan, which has a 7% interest rate.
RedBird is expected to take control of the team on Aug. 31, when the Yankees and Main Street are likely to be officially announced as investors.
The deal could lead to AC Milan broadcasts on the YES Network, a regional sports network owned by the Yankees, RedBird, Sinclair Broadcast Group, Amazon, Blackstone, and Mubadala.
Soccer Status
The Yankees are MLB’s most valuable franchise with a $6 billion valuation.
AC Milan would be the team’s second soccer investment — they have a 20% stake in Major League Soccer’s New York City FC after partnering with Manchester City in 2013 to launch the team.
