RedBird launches Milan sports holding company, names Brett Yormark CEO

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.