RedBird Capital Partners founder and managing partner Gerry Cardinale enjoyed a winning start to his tenure as owner of AC Milan on Saturday.
Cardinale was present as the RedBird regime in Italy got off to a winning start as the Rossoneri claimed a 3-2 success over city rivals Inter Milan, with a brace coming from the previously Liverpool-linked Rafael Leao.
RedBird, 11 per cent shareholders in Liverpool owners Fenway Sports Group, concluded their deal to acquire last season's Serie A champions from another New York-based investment firm, Elliott Management, last week, with the US fund promising to do what they could to ensure that the club were returned to the winning culture that fans had been used to for so long.
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Having only been in situ as owner for a week, Cardinale and RedBird have been quick to address some of the things on their 'to do' list, with Rossoneri reported to be looking to extend the deal of their star Leao in order to end any interest from Liverpool and others.
Off the field there have been major steps taken, too. When the takeover of the club was made formal there was also the announcement that a minority stake had been taken by the New York Yankees ownership group, Yankee Global Enterprises, while Main Street Advisers, a Los Angeles-based investment fund founded by FSG partner Paul Wachter, and including investors such as LeBron James, a current FSG partner, and Canadian rapper Drake, have also come on board in what is understood to be a single figure percentage stake.
The Yankees link has already come into play, with RedBird a shareholder in the YES Network, New York City's regional sports TV network. AC Milan have confirmed that YES will broadcast club programming in the US via the network, with game highlights and exclusive interviews. The move is designed to grow AC Milan's brand in the US and help them tap into greater revenue streams that will enable them to grow and try and make up ground on the Premier League's biggest sides, although the gap remains significant.
RedBird's takeover of AC Milan doesn't impact their investment in FSG and, indirectly, Liverpool. Due to the nature of the indirect investment and the reasonably small stake, allied with the fact that RedBird has nobody at board level with the Reds themselves, means that there is no issue for UEFA over potential conflicts of interest.
Despite the takeover, RedBird's plan remains the same with FSG, to provide capital and expertise to allow them to seek growth opportunities.
The $750m investment that was concluded in March 2021 was done with the aim of providing FSG with capital to forge ahead with plans for growth, with the acquisition of the Pittsburgh Penguins NHL team, investment into James and Maverick Carter's SpringHill Entertainment company - with RedBird and Nike - and completion of real estate projects such as the new concert arena in Boston all continuing despite the impact of the pandemic.
FSG also were emboldened to press ahead with the redevelopment of the Anfield Road end due to the increased strength of the business.
The possibility of RedBird increasing their stake in FSG in the future and deploying more capital to aid further growth remains, with FSG's whole empire now valued at around $10bn, with Liverpool worth around $4.45bn (£3.85bn) of that according to the most recent published forecasts from US finance magazine Forbes.
RedBird's business lies in providing the capital and know how to build businesses, and FSG is seen as a partner that has plenty of room for accretive growth in the coming years, especially when it is eyeing more sports properties such as an NBA expansion franchise in Las Vegas, something that James would likely helm.
But the focus when it comes to football right now is growing AC Milan, and the decisions they take and avenues they seek for growth may point to clues about how FSG, with RedBird's help, might help Liverpool grow their own brand and revenue streams moving forward.
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