RedBird and Yankees Join to Close $1.2 Billion AC Milan Deal (1)

RedBird Capital Partners completed its purchase of Italian football club AC Milan, with the parent company of the New York Yankees joining as a co-investor on the deal.

“Our vision for Milan is clear,” RedBird founder Gerry Cardinale in a statement. “We will support our talented players, coaches and staff to deliver success on the pitch and allow our fans to share in the extraordinary experiences of this historic club.”

The New York-based investment firm agreed to acquire a controlling stake in the seven-time European champions from hedge fund Elliott Management Corp. in May in a deal that valued ...