RedBird launches Milan sports holding company, names Brett Yormark CEO

MILAN, Nov 13 - 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. REUTERS