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Yankees Buy Minority Stake in AC Milan

ROME (AP) — The undefined have purchased a minority stake in Italian soccer champion AC Milan, which announced the closing of its latest ownership change Wednesday.

RedBird Capital Partners completed the deal to purchase a controlling interest in the seven-time European champion for 1.2 billion euros ($1.2 billion).

It’s the second soccer team the Yankees partially own after MLS’s New York City.

Gerry Cardinale, who founded RedBird in 2014 and is the managing partner, announced a preliminary agreement in June to buy Milan from fellow American firm Elliott Management.

Yankees Global Enterprises, the baseball team’s parent company led by the Steinbrenner family, will take a stake of about 10%, a person familiar with the negotiations told The Associated Press on Tuesday, speaking on condition of anonymity before the final deal had been announced.