Yanks buy minoirty stake in AC Milan

ROME (AP) >> The New York Yankees have purchased a minority stake in Italian soccer champion AC Milan, which announced the closing of its latest ownership change Wednesday.

RedBird Capital Partners completed the deal to purchase a controlling interest in the seven-time European champion for 1.2 billion euros ($1.2 billion).

It’s the second soccer team the Yankees partially own after MLS’s New York City.

Gerry Cardinale, who founded RedBird in 2014 and is the managing partner, announced a preliminary agreement in June to buy Milan from fellow American firm Elliott Management.

Yankees Global Enterprises, the baseball team’s parent company led by the Steinbrenner family, will take a stake of about 10%, a person familiar with the negotiations told The Associated Press on Tuesday, speaking on condition of anonymity before the final deal had been announced.

Details of the Yankees’ involvement were not divulged in the announcement.

The Yankees agreed in 2013 to purchase a 20% stake in the New York City Major League Soccer team that launched in 2015. City Football Group, Manchester City’s parent company, is the controlling owner.

“We have a multi-decade relationship with the New York Yankees and the Steinbrenner family that has resulted in the creation of some of the most successful businesses in sports, entertainment and hospitality,” Cardinale said in a statement on Milan’s website.

“We are very pleased to continue our partnership with them and will look to explore opportunities together to broaden our fan reach and expand commercial opportunities that are only available to franchises that operate at the highest levels of sports globally.”