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Wednesday, September 28, 2022

Serie A: A fund linked to LeBron James buys Milan for 1.2 billion. Series A 2021

Redbird completed the acquisition of the club, which has been owned since 2018 by Elliott Management, another US fund.

Milan players celebrate the final scudetto.piero cruciattiAFP

american background red Bird complete the acquisition AC Milan For 1,200 million euros ($ 1,203 million), announced this Wednesday the Italian club, which has been owned since 2018. Elliot Management, another US fund. “Redbird Capital Partners today announced that it has completed the acquisition of the Associazione Calcio Milan for 1.2 billion euros,” said the club, seven-time European football champions, who were declared champions of Italy for the 19th time in May.

The New York Yankees Baseball Club, which the Redbirds already own, will have a minority stake, the statement said. “We will support our players, coaches and talented coaching staff to succeed on the pitch,” said the Redbird founder, gerry cardinalwho wants to “put Milan at the top of European and world football.”

Sale of this emblematic ‘Calcio’ club, long owned by businessman and former prime minister silvio berlusconi (1986–2017), agreed with Elliott management on 1 June.

Redbirds are present in the North American sporting world, but are also active in Europe, through a minority stake in English Liverpool and with control from 2020 of Toulouse FC, a club recently promoted to the French Ligue 1. He is also associated with Main Street Advisors, a California fund run by the businessman. Paul Watcherand counts the NBA star among his own allies lebron jamesmusic producer Jimmy Iovine or rapper Fly,

This operation confirms the attractiveness of Italian football in the eyes of North American investors: more than a third of Serie A clubs were American or Canadian-owned last season (AS Roma, Bologna, Fiorentina, Union Venezia, La Spezia, Gnova and partially Atalanta,

new stadium

After a difficult decade, AC Milan has regained its luster in the last two years, which confirms that His May ‘scudetto’ is the first achievement achieved by the club since 2011., At that time, Silvio Berlusconi was still the owner. Berlusconi bought the club in 1986, before taking it to the top of Europe with a good game and big stars.Marco van Basten, Ruud Gullit, Paolo Maldini, Kak, Andrea Pirlo, Andrei Shevchenko…) The former prime minister split from the unit in 2017 at a time marked by economic and sporting problems.

Elliott Management acquired the club a year later as a Chinese buyer, a lender to the Chinese businessman. Lee Yong-hong, unable to repay the loan. The fund selected young players with great potential and handed over the sports policy to the veteran paolo maldini, Avoiding pay madness. The only great star of the current squad already experienced zlatan ibrahimovicWhich almost acts as the ‘teacher’ of the new generation.

The formula has worked: AC Milan once again captivates with their football and the accounts are going well. The deficit has fallen below 100 million euros in 2020-2021 (96 million euros), after peaking in 2020 (195 million euros) for the first time since 2017. In addition to reviving the ‘AC Milan brand’, the operation is also supported by the project for a new stadium promoted by the club and its rival Inter. The new venue will replace the venerable San Siro from 2026, although the matter still causes debate in the Lombard capital.

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Reference from www.elmundo.es

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