New York Yankees and LeBron James reportedly investing in AC Milan

The MLB franchise New York Yankees and NBA star LeBron James are apparently joining the Italian champions AC Milan together with the US investment company RedBird.

As the Financial Times reports, the Yankees and a Los Angeles-based fund whose investors include LeBron James and music producer Jimmy Iovine and rapper Drake are said to be joining RedBird as shareholders in Milan.

LeBron James and Drake are said to be passive investors in Milan through the fund, they have not acquired any direct shares.

It had previously been reported that RedBird wanted to take over the Rossoneri for 1.2 billion euros. Current owner Elliott is said to retain a minority stake.

In 2018, the US hedge fund Elliott took over the club, which had previously belonged to ex-Prime Minister Silvio Berlusconi for 30 years.

RedBird is already active in sports, including as an investor in Fenway Sports Group, which owns Champions League finalists Liverpool FC and the MLB’s Boston Red Sox. In addition, RedBird holds the majority of shares in Ligue 1 promoted FC Toulouse from France.

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