One of the biggest brands in American sports is investing in one of the best-known brands in all of soccer.
The Yankees are purchasing a minority stake in defending Serie A champions AC Milan, according to the Financial Times. Yankee Global Enterprises, the team’s commercial arm, is joining RedBird Capital Partners, who agreed to purchase the famed soccer club in June with the closing scheduled for September.
The Yankees have already had their hand in soccer having partnered with City Football Group in the creation of Major League Soccer’s NYCFC and they have a 20% ownership stake in the team. City Football Group, which also owns and operates Premier League side Manchester City, owns a majority 80% stake in the MLS cub.
NYCFC has also called Yankee Stadium home since its inception in 2015 while they’ve searched for a more permanent home of their own within the five boroughs. And YES Network, the television home of the Yankees, has also served as the TV home for NYCFC as well as tape-delayed Manchester United games in the past.
The Yankees’ stake in the team means that it wouldn’t be out of the realm of possibilities to see a friendly between AC Milan and NYCFC in the New York area down the line. Yankee Stadium has held international soccer matches before, including a friendly between Chelsea and Manchester City.
Additionally, Main Street Advisors, which has LeBron James and rapper Drake among its partners, will also invest in the Serie A club. James and Drake will be passive investors in Milan through the fund and have not taken direct stakes, the Financial Times reported.
Officials with RedBird Capital told the Associated Press that an announcement would be coming in the next couple of days. Inter Milan, Roma, Fiorentina and Bologna are among the other foreign-owned teams in Serie A.
The Associated Press contributed to this report