Lebron James and Yankees invest in a football team

The New York Yankees and NBA star Lebron James are preparing to buy soccer equipment.

The New York Yankees and a firm backed by NBA superstar, Lebron Jamesare taking minority stakes in Italian soccer club AC Milan, according to multiple reports on Tuesday.

The investment arm of New York YankeesYankees Global Enterprises, and California bank Main Street Advisors, backed by Lebron Jameswill join private equity firm RedBird Capital Partners’ $1.2 billion acquisition of AC Milan, as first reported by the Financial Times and later confirmed by Athletic and Sportico.

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The move represents a partnership between some of the most valuable properties in all of sports: the Yankees are the most valuable baseball team in the world at $6 billion, AC Milan are the 14th most valuable football franchise at $1.2 billion and James is the second highest paid. world athlete with $121.2 million in annual earnings, all according to Forbes estimates.

RedBird declined to comment and New York Yankees They did not immediately respond to Forbes’ request for comment. A major investor in various sports companies, RedBird Capital has previously aligned itself with James and the Yankees’ rival Boston Red Sox, taking stakes last year in James’ entertainment. SpringHill company and Fenway Sports Group, owner of the Red Sox, Liverpool FC of the Premier League and the Pittsburgh Penguins of the NHL. James is one of only two active billionaire athletes alongside golfer Tiger Woods, first taking a 2% stake in Liverpool in 2011 before transferring ownership to Fenway Sports Group as part of the RedBird deal.

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The yankees They have a long history with top-tier football, and in 2001 they entered into a landmark marketing partnership with Premier League club Manchester United to grow the fan base in their respective countries. Today, the yankees they are closely aligned with United’s rival Manchester City, as the parent companies of the two franchises are co-owners of New York City FC.

While Lebron James He also has shares in the Boston Red Sox, in addition, he aspires to be the owner of an NBA franchise at some point after his retirement, since being a player is not allowed.

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Lebron James and Yankees invest in a football team