Drake & Lebron James Team Up To Invest In AC Milan
Drake and NBA superstar LeBron James are among a group of investors looking to purchase Italian soccer team A.C. Milan.
According to the Financial Times, a deal for the prized Serie A team is expected to be completed shortly for approximately $1.2 billion alongside U.S. private equity group RedBird.
The New York Yankees franchise and Main Street Advisors, a Los Angeles-based investment fund comprised of Lebron, Drizzy and legendary music executive Jimmy Iovine are partnering to complete the transaction.
Drake is expected to be a passive investor in A.C. Milan as are the rest of his high-profile teammates in on the deal.
A formal announcement for the deal is expected as early as Wednesday (August 31) when the new investment group will seize power from ex-owner U.S. hedge fund Elliott Management.
Drake has a diverse investment portfolio but hasn’t delved much into the sports world outside of being an official Global Ambassador for the Toronto Raptors.
In the past, he’s poured money into sports media company Overtime, tech company Wealthsimple, crypto firm Moonpay and plant-based chicken company Daring Foods Inc.
King James is no stranger to investing in sports teams like A.C. Milan. He currently has stakes in the Boston Red Sox, Pittsburgh Penguins and Liverpool FC.
A.C. Milan remains in third place in Italian’s Serie A league with a record of 2-2 following the team’s 0-0 draw against Sassuolo on Tuesday (August 30).