MILAN, Nov 13 (Reuters) – RedBird Capital Partners, the US investment firm that owns Italian soccer club AC Milan, launched on Friday a holding company bringing together its Milan-based investments in sports, infrastructure and live events, RedBird said in a statement.
The former head of the Brooklyn Nets’ parent company, Brett Yormark, will be the chief executive of the holding, named Milan Sports & Entertainment (MSE).
RedBird said MSE will manage the assets centrally, coordinating partnerships across them, and will oversee plans for the new 71,500-seat stadium that AC Milan and its rival — Oaktree-owned Inter — are building to replace 100-year-old San Siro.
MSE also plans to set up a venue-management business for stadiums and arenas, which will cover food and beverage operations, merchandising and premium hospitality.
The holding will also assess acquiring a Milan franchise in a proposed NBA Europe league, develop a sports and live entertainment venue in San Donato Milanese, on the outskirts of the city, and explore opportunities to raise Milan’s profile in international tennis, the statement said.
(Reporting by Elvira Pollina; Editing by Xevi Fontdegloria)
