RedBird Capital Partners is doubling down on its commitment to Milan by creating a new holding company for its sport and entertainment properties in the Italian city.
Milan Sports & Entertainment will house RedBird’s majority stake in AC Milan, its interest in the Generali Stadium – the new venue being built for the seven-time European champions and their rivals Inter Milan – and its bid for a franchise in the NBA’s planned European basketball league, which first revealed in January.
Brett Yormark, who previously ran the NBA’s Brooklyn Nets and their Barclays Center, has been appointed CEO of MSE.
“Milan Sports & Entertainment is the culmination of that work and what we have been building toward since we first invested in AC Milan four years ago,” said RedBird founder and managing partner Gerry Cardinale.
“Becoming an owner has given us an even greater appreciation for what creates lasting value: winning, serving the fans and investing in the communities that give these institutions their meaning.
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RedBird’s other sports investments include a majority stake in French football club Toulouse and minority holdings in Liverpool FC and Boston Red Sox owner Fenway Sports Group and the Alpine Racing Formula 1 team.
AC Milan to remain priority for MSE and RedBird
Other ambitions cited for MSE include creating a new sports and entertainment destination in San Donato, in the south-east of Milan, and attracting more elite tennis events.
Yormark – brother of Roc Nation Sports president Michael Yormark – will take up the new role in January when he steps down as commissioner of the Big 12 Conference in US college sports.
“I have known and worked with Brett Yormark for 25 years and could not think of a better executive in sports globally to help execute this strategy,” said Cardinale.
“In Brett, we can bring the best of American sports and live entertainment to Milan as we continue to build this next chapter in Milan’s ascendance.
“Anchored by AC Milan, which will always be the pace car for our efforts, we intend to build a world-class sports and entertainment platform that will shape the future of Milan and European sport and return it to the top of the global stage.”
AC Milan have historically been a giant of European football but have won just one Serie A league title in 15 years and, like other Italian clubs, have largely struggled to compete in the Champions League.
Last week they announced a bumper naming rights deal worth more than £500m over 20 years with insurer Generali for the new 71,500-capacity stadium they will share with Inter which is to be built next to current home San Siro.