The New York Yankees baseball franchise and a Los Angeles investment fund are preparing to announce an investment in Italian football club AC Milan alongside US private equity group RedBird, which is closing in on the €1.2bn acquisition of Italy’s football champions, the Financial Times has revealed, citing two people with direct knowledge of the matter.

The deal, orchestrated by RedBird’s founder Gerry Cardinale, highlights the continued appetite among US investors to invest in football, particularly in the Italian league.

The report adds that the Yankees will work closely with AC Milan as Cardinale tries to increase the Italian club’s revenues and on-field successes, people familiar with the matter said. Part of the collaboration could include AC Milan programming on the YES Network, a regional sports network owned by a consortium of the Yankees club, Amazon, RedBird and Sinclair Broadcast Group.

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