LeBron James already owns shares in several major professional sports teams, and on Tuesday his latest investment was announced.
According to the Financial Times, LeBron, rapper Drake and the New York Yankees will participate in the 1.2 billion euro purchase of the legendary Italian club AC Milan.
“The baseball franchise of the New York Yankees and an investment fund in Los Angeles are investing in AC Milan alongside the American private equity group RedBird, which is closing a 1.2 billion euro takeover of the champion Italy. Two people with direct knowledge of the matter.” reported Samuel Agini, 3 James Fontanelle-Kahn and Sara Germano of the Financial Times.
“The baseball team, owned by the Steinbrenner family, and Main Street Advisors, a Los Angeles fund that counts basketball star LeBron James, famous music producer Jimmy Iovine and rapper Drake among its investors, will become shareholders of the Serie A group.”
By joining the Milan ownership group, LeBron will now become part owner of four different clubs. He already has shares in the Boston Red Sox, Pittsburgh Penguins and Liverpool FC.
LeBron is expected to be a passive investor in the Italian team through funds.
“James, Iovine and Drake are passive investors in Milan through funds and have not taken direct stakes,” Aghini, Fontanella-Kahn and Germano wrote.
Interestingly, Liverpool and AC Milan have quite an exciting shared history when it comes to their duels.
The teams have faced each other twice in the UEFA Champions League final (in 2005 and 2007), with Liverpool winning the first in an epic comeback and the Italian side winning the second leg in 2007.
For LeBron, he will certainly spend some time basking in the success of the new team he is associated with before returning to the court in October.