Report: Yankees, LA fund investing in AC Milan soccer team

By ANDREW DAMPF
AP Sports Writer

ROME (AP) — The Financial Times reports the New York Yankees and the Los Angeles-based fund that includes LeBron James are investing in AC Milan alongside RedBird Capital Partners. RedBird is in the closing stages of a deal to purchase the Italian soccer champion for 1.2 billion euros ($1.2 billion). RedBird founder and managing partner Gerry Cardinale announced a preliminary agreement in June to purchase Milan from fellow American firm Elliott Management. The closing is slated for September. Sources close to RedBird would not comment on the report when contacted by the Associated Press but said an announcement will be coming in the next couple of days.