LeBron James and the Yankees buy AC Milan, the Italian soccer club valued at around $1.2 billion
Can’t stop, won’t stop: LeBron James has another interest in a sports team.
The NBA superstar and the New York Yankees have bought Italian soccer club AC Milan, according to Forbes.
The great forces of sport unite
According to reports, the ad signals that “the most valuable baseball team in the world and the second highest-paid athlete are taking a stake in the 14th most valuable football franchise.”
As Previously reported by AfroTech, the billionaire earned his spot on Forbes’ list of 10 highest-paid athletes after earning an estimated $121.2 million in 2021 from basketball, the ‘Space Jam’ reboot, endorsement deals, and more.
The acquisition of AC Milan
Joining private equity firm RedBird Capital Partners, Yankees Global Enterprises – the baseball team’s investment arm – and the Main Street advisors, supported by James, have formed a dynamic partnership. The outlet clarifies that the AC Milan takeover is worth $1.2 billion while the Yankees are valued at $6 billion.
LeBron James’ wallet
Prior to the partnership, RedBird Capital took stakes in James’ SpringHill – the production company worth around 300 million dollars that James created with his longtime friend Maverick Carter – and Fenway Sports Group, the ownership group he became Carter’s partner in in 2021. The move made the two his first black partners.
“I think for me and for my partner, Maverick, to be the first two black men to be part of this ownership group in the history of this franchise, I think that’s pretty damn cool,” James said in March. 2021. “It’s gives me and people like me hope and inspiration that they too can be in a position like that, that it can be done. It also gives more in addition to inspiration to my children from my school I Promise.
The move earned him a stake in its affiliates including the Red Sox, English Premier League’s Liverpool Football Club, Roush Fenway Racing, and more.
In November 2021, James added the Pittsburgh Penguins to his portfolio after FSG and its partners bought $900 million for the National Hockey League team, like Previously reported by Afro Tech.