RedBird Capital Partners has announced the creation of Milan Sports & Entertainment (MSE), a new holding company designed to manage its sport and entertainment properties in Milan. This move is described by RedBird as a deepening of its commitment to the Italian city.
MSE will encompass RedBird’s majority ownership of AC Milan, its stake in the Generali Stadium – a new venue under construction for AC Milan and Inter Milan – and its pursuit of a franchise in the planned NBA European basketball league.
Brett Yormark, who previously led the NBA’s Brooklyn Nets and the Barclays Center, has been named CEO of MSE. He is scheduled to assume the role in January, following his departure as commissioner of the Big 12 Conference in US college sports.
Gerry Cardinale, RedBird founder and managing partner, stated that MSE represents the culmination of work since their initial investment in AC Milan four years ago. He added that AC Milan will remain central to MSE's efforts.
Other objectives for MSE include developing a new sports and entertainment hub in San Donato, located in south-east Milan, and attracting more elite tennis events to the city. Last week, AC Milan announced a naming rights deal worth over £500m for the new 71,500-capacity Generali Stadium.