One of basketball's top players seems to be entering the football league. According to a recent article in The Financial Times, the parent company of the New York squad, Yankee Global Enterprises, has teamed up with the Los Angeles financial firm Main Street Advisors to become a minority shareholder in Italian football club AC Milan.
LeBron James, a star in the NBA, and Drake, the 6God, are both members of Main Street Advisors. According to reports, both businesses are nearing an agreement to buy shares of the current Serie A champion league for just a little over $1.2 billion USD. If the purchase is approved, James and Drake would become the club's passive owners. The Yankees and the private equity firm RedBird Capital have also collaborated to secure the deal.
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With their investment in Fenway Sports Group, which also owns English Premier League team Liverpool, and their acquisition of AC Milan from Elliot Advisors, RedBird has a sizable portfolio when it comes to sports ownership. James, who just recently bought a share in the Boston Red Sox back in 2021, is expanding his portfolio of sports franchise ownership through the sale. Through his affiliation with the Fenway Sports Group, James also holds ownership interests in the Liverpool Football Club and the Pittsburgh Penguins.
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Drake and James will cooperate once again after signing a deal with AC Milan. Just last November, the pair made an investment in StatusPRO, a sports technology firm expected to be valued $57 billion USD by 2027.
In further LeBron news, King James discusses the prospect of playing in the NBA alongside both of his sons.