New York Yankees and Main Street Advisors, an LA-based fund that counts NBA star LeBron James among its investors, will become shareholders in Milan, reports the Financial Times.
Gerry Cardinale will finalise the club’s takeover from Elliott next month and the new Milan owner has been talking to other potential co-investors through the summer to reduce the size of the €600m loan offered by Elliott to help fund the takeover.
According to the Financial Times, the New York Yankees baseball franchise and Main Street Advisors are among the co-investors joining Cardinale.
“Main Street Advisors, the LA-based fund that counts among its investors basketball star LeBron James, famed music producer Jimmy Iovine and rapper Drake,” said FT.
However, according to the report, LeBron, Iovine and Drake are ‘passive investors’ and have not taken direct stakes. It is still unclear how much of the club the Yankees and Main Street will own.
Milan CEO Ivan Gazidis confirmed on Monday that Cardinale’s RedBird Capital is expected to finalise Milan’s takeover next month.
“RedBird has great skills in the sports business and a high international reputation. The message they have conveyed to us is the will to continue on the path of our virtuous management,” he told La Repubblica.
“Elliott has great confidence in the value and expertise that Redbird can bring to the club, with the shared goal of bringing Milan back to the top of European football. Seller and buyer said that the closing is scheduled by September and I do not see elements such as changing the timing.”