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    AC Milan Sale: RedBird Capital Buys Team for $1.2 Billion

    Milan, a seven-time European champion, was acquired by RedBird Capital for $1.2 billion. The investment firm has ties to both the Yankees and the Boston Red Sox.A.C. Milan, the storied Italian soccer team, is teaming up with another storied franchise: the New York Yankees.The Italian team, which last season secured its first league title in 11 years, announced Wednesday the completion of its long expected sale to a group headed by the investment firm RedBird Capital Partners that includes the Yankees. The 1.2 billion-euro ($1.2 billion) price tag represents a major payday for Elliott, the vulture fund that secured the team in 2018 after its former Chinese owners defaulted on a $300 million debt.RedBird, led by its managing partner Gerry Cardinale, has been on a spree of acquisitions, with Milan becoming just the latest sports investments made by the firm. Last year, it paid $735 million for a stake in Fenway Sports Group, owner of baseball’s Boston Red Sox and the powerhouse English soccer team Liverpool F.C.The Yankees are not the only eye-catching name now attached to A.C. Milan. Media reports said the basketball star LeBron James, who owns a stake in F.S.G., and the rapper Drake would also own a minority stake of A.C. Milan.For the Italian team and its supporters, the sale will mark another chapter in its efforts to return to the top of European soccer after a decade of decline marked by financial crisis and poor performance. Last year, Milan, a seven-time European champion, qualified for the elite Champions League for the first time since 2014.Elliott seized the team in 2018 and set about repairing A.C. Milan’s balance sheet, which was one of the most distressed in all of sports. In 2020, the team had losses of nearly $200 million, with that figure halved a year later as the owners slashed payroll costs by moving out underperforming aging stars and replacing them with younger — and cheaper — alternatives.The changes paid dividends last year with a surprise run to the Italian championship, a success that positioned the team to be sold at what is most likely the upper end of its market value.“Our vision for Milan is clear: We will support our talented players, coaches and staff to deliver success on the pitch and allow our fans to share in the extraordinary experiences of this historic club,” said Cardinale, adding the owners would seek to leverage their sports and media assets to maintain “Milan’s place at the summit of European and world football.”Milan’s fan base has been energized by the team’s recent improvement. Last year, they qualified for the Champions League for the first time since 2014. Massimo Paolone/LaPresse, via Associated PressMilan’s sale is the latest high profile sale of a European sports team to American investors. It follows the 2.5 billion pound ($3 billion) purchase of Chelsea Football Club, the most ever paid for a team in any sport, by a group led by California-based private equity firm Clearlake.For Elliott, the sale means a tremendous amount of profit from an investment that started out as a $300 million loan to allow a little known Chinese businessman to buy the club from its longtime previous owner, the former Italian prime minister Silvio Berlusconi, in 2017. About a year later, it ended up in control of one of the world’s most well-known sports brands for an amount — despite all of Milan’s problems — that was below its market value.The club poached Ivan Gazidis, a former vice commissioner of Major League Soccer, from Arsenal in the Premier League to run the club and gradually began to move up the standings under Coach Stefano Pioli. A second-place finish in 2021 was followed by a title triumph secured by a victory on the last day of the 2021-22 season.“When Elliott acquired A.C. Milan in 2018, we inherited a club with a tremendous history but with serious financial problems and a mediocre sporting performance. Our plan was simple: to create financial stability, and to return A.C. Milan to where it belongs in European football,” Gordon Singer, Elliott’s managing partner, said in June when an agreement with RedBird was first announced.Now that the deal has been completed, RedBird will most likely need to reassure European soccer’s governing body, UEFA, that it will comply with rules barring one investor from owning a significant share in two teams playing in its competition. Milan and Liverpool will both play in this season’s Champions League but have not been drawn to play in the same opening groups. They could meet in the knockout phase. RedBird also owns the French soccer team Toulouse.Milan has made a solid start to the new season, unbeaten after four rounds of the new Italian season, relying on much of the same roster it used to win the title last year, spending just $50 million on new talent, about half the amount spent by the league’s richest team, Juventus.While Milan is savoring success again, its long-term future is unclear, with significant investment required to build a new stadium. The team currently leases the San Siro stadium it shares with city rival Inter from the local government and is planning to build a new facility that it will co-own with Inter. Progress has been halting, highlighting the difficulty team owners have in building new facilities in Italy, where most top-division soccer teams continue to play in aging public-owned arenas.Milan’s financial firepower is also lagging behind Europe’s top teams, particularly the biggest teams in England, where revenue — particularly television income — is considerably higher than in any other major soccer league. RedBird is co-owner of the Yankee Entertainment Sports Network, the most-watched regional sports network in the United States, and will look to tap that relationship to find new growth, Cardinale said.“We are very pleased to continue our partnership with them and will look to explore opportunities together to broaden our fan reach and expand commercial opportunities that are only available to franchises that operate at the highest levels of sports globally,” he said.The investment in Milan is not the Yankees’ first foray into international soccer. In 2001, the team signed a joint-venture agreement with Manchester United, which failed to yield the returns that either side expected, resulting in the deal being quietly shelved. It is currently a minority owner in Major League Soccer’s New York City F.C., which is controlled by United’s crosstown rival Manchester City.The takeover by RedBird comes just a year after the collapse of an effort by a group of 12 European clubs — including Milan — to set up a breakaway European super league. Though that endeavor embarrassingly collapsed within 48 hours, the factors that led to its creation remain as relevant today, including the untrammeled spending power of teams owned by wealthy Gulf nations. Owners of the most well-supported teams continue to demand a greater, and reliable, share of European soccer’s television revenue, irrespective of performance.With English teams pulling further and further ahead of rivals elsewhere, it is unlikely that the status quo will not be challenged again. 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    The Week When Sports Would Not Let America Look Away

    As their games continued in the wake of mass shootings in Buffalo and Uvalde, Texas, Golden State Coach Steve Kerr, the Yankees and the Tampa Bay Rays made powerful statements against gun violence.Before the big N.B.A. game Tuesday night, there was no talk of basketball: only frustration, rage and pain.On Thursday, sports slid into the background once again, as was appropriate, replaced by heartbreaking facts, courtesy of two Major League Baseball teams, and calls to do something to end the carnage.Something is wrong in America. We can’t figure out how to stop aggression and death.The rampage killings in Buffalo and Uvalde, Texas, have again shaken us to the core. We brace against the plague of gun violence that threatens every part of the country: grocery stores and churches, street corners and shopping centers, and schools filled with grade school children.Daily life feels at any moment like it could turn into horror.Amid all of this, our games go on. Important games featuring remarkable teams. The Golden State Warriors played their familiar brand of beautiful basketball in the conference finals of the N.B.A. playoffs. The Yankees and Tampa Bay Rays, division rivals and contenders to win this year’s World Series, played a key series in St. Petersburg, Fla.Sports can be a tonic during hard times. Games and great performances offer a chance to wash away awful emotion. To move on and even forget. But hours after 19 students and two teachers were murdered in Uvalde, Steve Kerr, Golden State’s head coach, a man who knows firsthand the suffering caused by gun violence, would not let us turn from the agony completely.From Opinion: The Texas School ShootingCommentary from Times Opinion on the massacre at an elementary school in Uvalde, Texas.Michelle Goldberg: As we come to terms with yet another tragedy, the most common sentiment is a bitter acknowledgment that nothing is going to change.Nicholas Kristof, a former Times Opinion columnist: Gun policy is complicated and politically vexing, and it won’t make everyone safe. But it could reduce gun deaths.Roxane Gay: For all our cultural obsession with civility, there is nothing more uncivilized than the political establishment’s acceptance of the constancy of mass shootings.Jay Caspian Kang: By sharing memes with each new tragedy, we have created a museum of unbearable sorrow, increasingly dense with names and photos of the deceased.And the Yankees and Rays would soon come together in a way that demanded attention be paid to what matters — and what mattered most was not about wins or losses or the battle for first place in the American League East.In the minutes before Game 4 of his team’s playoff series, Kerr sat at a table before reporters and powerfully let loose. Nothing he said was scripted. Everything came from the heart, molded by personal experience. And it had nothing to do with basketball or sports.“In the last 10 days, we’ve had elderly Black people killed in Buffalo, Asian churchgoers killed in Southern California. And now we have children murdered at school,” Kerr said, his words forceful enough to go viral almost instantly. His voice quaked. His eyes narrowed with burning-ember emotion.He pounded the table, as his voice rose.“I’m fed up. I’ve had enough. We’re going to play the game tonight, but I want every person listening to this to think about your own child or grandchild or mother or father, sister, brother. How would you feel if this happened to you today?“When are we going to do something?” he added.“Enough!”Kerr has long spoken out in news conferences and other venues for stricter gun laws and against our society’s thirst for violence. He did so again this week, denouncing the politicians who do nothing and specifically railing against the Senate for not even passing legislation as simple as a requirement for universal background checks. In that moment, watching him was to watch a man struggling to make sense of a tragedy he is all too familiar with. In 1984, during Kerr’s freshman year at the University of Arizona, his father, Malcolm, was shot and killed by assassins outside his office at the American University in Beirut.With the dark cloud of wanton gun violence growing in America, don’t expect silence.Political statements are more rare in baseball, still nominally our national pastime though its dwindling audience has aged toward conservatism. Even the staid Yankees — so tradition-bound a team that they don’t even allow players to wear facial hair — and their division rival collaborated on a singular message. Instead of posting the usual stats and scoring updates during their game Thursday, both teams shared facts about gun violence to millions of followers.When they played on Thursday, their Twitter and Instagram posts focused entirely on the death toll of guns in this country.“58 percent of American adults or someone they cared for have experienced gun violence,” read one of the scores of posts.“This cannot become normal,” read another. “We cannot become numb. We cannot look the other way. We all know, if nothing changes, nothing changes.”Another: “Every day, more than 110 Americans are killed with guns, and more than 200 are shot and injured.”Jason Zillo, the Yankees’ vice president of communications, put the posts in perspective in a text message to my colleague David Waldstein this week. “As citizens of the world, it’s hard to process these shootings and just slip back into a regular routine,” Zillo said. “For one night, we wanted to reflect and draw attention to statistics that carry so much more significance and weight than batting average.”Well said. And well done.I’m one of the legions touched by gun violence: the suicide of a favorite great-uncle, the slaying of a distant cousin, an infant, by a stray bullet in a gang shootout. My pain swims in the same deep currents that swell across America. Together we grieve. Together we decide how to respond.This week, Steve Kerr, and the Yankees and Rays were there to remind us not to dive too deep into the easy distraction of sports — and that action is required to end this madness. More

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    New York Sports Entering a Promising Era

    #masthead-section-label, #masthead-bar-one { display: none }The NBA SeasonVirus Hotspots in the N.B.A.The Friendship of LeBron and Anthony DavisThe N.B.A. Wanted HerMissing Klay ThompsonKobe the #GirlDadAdvertisementContinue reading the main storySupported byContinue reading the main storyOn New York SportsThat Strange Feeling Going Around New York Is OptimismAfter two decades of frustration and incompetence broken up by an occasional championship (thanks, Giants), the region’s sports teams all appear headed in the right direction.Kevin Durant, James Harden and Kyrie Irving have the Nets poised to be true championship contenders for the first time since Jason Kidd was playing for the team.Credit…Jason Miller/Getty ImagesFeb. 23, 2021Updated 9:08 a.m. ETIt was a rough couple of decades for sports in New York, and not just because of the incessant losing. The last 20 years was an era of general ineptitude marked by a butt fumble, a Ponzi scheme, failed coaches, disgraced executives, a team hero getting dragged out of the arena by security and losing seasons stacking up like rotting garbage bags in the snow.To be a New York sports fan through all of that was a mental and emotional test of endurance just to remain loyal during perhaps the worst two-decade stretch for sports in the region.The dozen or so teams in the country’s biggest market, with all their resources and expectations, competed for a possible 223 championships over that period in six different leagues, but won only four titles, or 1.8 percent. Boston, a much smaller city, won 12 out of a possible 99 and one team in a an even tinier market — the San Antonio Spurs — won just as many as all the New York teams combined, despite having only 20 chances.But maybe, just maybe, the collective suffering is coming to a merciful end. You might have to look deep in a couple of cases, but for the first time in years, all the arrows seem to be pointing up.“We are on the cusp of maybe a good 10-year run where all the teams are in contention in their respective sport,” said Boomer Esiason, the Long Island-bred former N.F.L. M.V.P. who, as the host of the drive-time morning show on WFAN radio, has the pulse of the fans. “It’s really a fascinating time in New York sports.”Of course, it could all go sideways in the blink of a stupid trade or a shredded elbow, especially with articles like this one to jinx it. For now, optimism reigns as fans are allowed back in arenas and stadiums in limited numbers, and the following words can be typed in succession for the first time in ages: The Nets are stacked, the Mets are poised, the Giants seem to be building something real, the Jets have a bushel of draft picks and a commanding new coach. And the Knicks — the Knicks! — actually seem to know what they are doing.OK, we know you are skeptical. Twenty years of sports PTSD will do that. But here is a closer look at how the various New York teams are faring.Julius Randle, center, has received All-Star buzz but the team has several other promising young players like Immanuel Quickley and RJ Barrett.Credit…Jason Decrow/USA Today Sports, via ReutersThe Nets are contenders. The Knicks are competent!The most astonishing turnaround in the metropolitan region at the moment belongs to the Knicks.People under the age of 30 may not remember, but there was a time when the Knicks owned New York, even more than the Yankees. When they played the Chicago Bulls, the Indiana Pacers or the Miami Heat in the playoffs in the 1990s, the city went on pause. That changed, coincidentally or not, around the same time James Dolan took ownership of the team and the Knicks only made the playoffs (barely) five times over 20 seasons.But the future for the Knicks shimmers a little brighter now with a combination of exciting young players, a highly respected head coach in Tom Thibodeau and a sensible executive with a vision in charge of it all (Leon Rose, that is, not Dolan).Immanuel Quickley and Obi Toppin are impressing in their first few months in the league. RJ Barrett, a former No. 3 over all pick, is only a year ahead of them on the development scale. And Julius Randle, a rare free agent success for the team, has broken out to become a star. With everyone committing to Thibodeau’s defensive mandate, the Knicks are floating close to .500 for the first time in eight years and are actually watchable again.“One hundred percent they are headed in the right direction,” said Isiah Thomas, the Hall of Fame point guard, N.B.A. analyst and former Knicks coach and executive. “Under Leon Rose and Thibodeau, what they have established with his defensive mentality is already paying dividends.”Sabrina Ionescu didn’t get much of a rookie season because of an injury, but she is expected to lead the Liberty into a promising new era.Credit…Phelan M. Ebenhack/Associated PressWhile the Knicks are building organically, the Nets took the just-add-water approach with a powerful mix of three superstars — Kevin Durant, James Harden and Kyrie Irving. The Nets, fresh off a five-game sweep on the West Coast, are the No. 2 team in the Eastern Conference behind the Philadelphia 76ers and are title contenders for the first time since the Jason Kidd (playing) era.The Liberty have been quietly atrocious the last three years, but in 2020 they selected the incomparable point guard Sabrina Ionescu with the No. 1 over all pick in the W.N.B.A. draft. She played in only three games her rookie season because of an ankle injury, but is expected to help transform the team. Adding Natasha Howard, an All-Star who has won multiple championships, can’t hurt.Oh, and St. John’s men’s team is playing tough defense, too, and is over .500.Taken as a whole, Thomas said, “It’s very positive for basketball in New York right now.”Shortstop Francisco Lindor is expected to solidify the Mets’ defense while providing a middle-of-the-order bat.Credit…Gene J. Puskar/Associated PressD.J. LeMahieu and Luke Voit are two of the many bright spots for a loaded Yankees offense.Credit…Mike Stobe/Getty ImagesThe Mets have a savior. The Yankees are the Yankees.It is impossible to look past the Mets repeatedly hiring men accused of harassment, but the actual team on the field should be in for an exciting summer. Many of those fans waited years for an owner like Steven Cohen to take the team from the Wilpons and start spreading his billions around like a wiseguy at a craps game, but their best off-season move was a trade for Francisco Lindor, a transformational player. For now, fans and players alike believe Cohen will deliver a winner to Flushing. Luis Rojas, the Mets manager said the players’ optimism was palpable on the first day of spring training.“You feel the energy from the guys as far as talking about the passion that our new owners has shown in the off-season,” Rojas said.As for the Yankees, let’s cut them some slack for only winning one World Series since 2000. Ordinarily, that would be an abject failure, but compared to the other slouches in town, at least they actually grabbed one. For sheer consistency of effort over that time, the Yankees stood alone in the region.Coach Joe Judge appears to have changed the tone for the Giants.Credit…Adam Hunger/Associated PressCoach Robert Saleh is expected to bring intensity to the Jets’ sideline.Credit…Doug Benc/Associated PressIn new coaches, the New York football teams trust.Look, we know the last five years or so of football in New Jersey has been excruciating for the fans. But …“There is no question that both franchises are on the upswing,” said Esiason, who is also an N.F.L. analyst for CBS. “Both Giants and Jets fans feel there is an optimism surrounding the team, for different reasons.”Finding something positive about the Jets is really an undertaking for a historian. Actually, a geologist — what does the carbon dating reveal about their only trophy? Paleolithic period? Jurassic? After all, the Jets (2-14 last season) can’t even lose properly. By winning a second game, they missed out on a generational No. 1 draft pick. Trevor Lawrence almost certainly won’t be a Jet, but the No. 2 pick is better than, say, the No. 3 pick, and they have many more picks in the holster, too.“I would love to see Joe Douglas’s white board,” Esiason, who played for the Jets, said about the team’s shockingly competent general manager. “They’ve got tons of options.”They also have a new coach, Robert Saleh, whom people already love before he has run a practice. The Jets clearly took note of the success of their fellow Jersey swamp residents’ new tough-guy coach, and hired one of their own.Much of the hope surrounding the Giants emanates from that coach. Joe Judge changed the culture in his first year and led the G-men to six wins, which in the awful N.F.C. East made them a playoff contender.Plus, with two Super Bowl titles in the last 14 years, the Giants get the city’s only hall pass in this accounting.Alexis Lafreniere, center, is one of the many bright spots for a team that began a total rebuild a few years ago.Credit…Nick Wass/Associated PressHockey built itself back from the ground up.Esiason is also passionate hockey fan, and he pointed to a key moment in recent Rangers history that he sees as the catalyst for the entire region’s turnaround. In February 2018, the Rangers decided they were going to tear down the roster and rebuild, and sent a letter to season ticket holders advising them to say goodbye to their beloved older stars.“That has never been accepted in New York, for any team,” Esiason said. “It kind of set things in motion.”Now the Rangers are loaded with promising young players, like Alexis Lafreniere, last year’s No. 1 pick, Kaapo Kakko, the No. 2 pick in 2019, Adam Fox and goalie Igor Shesterkin, just to name a few.The Devils have also been plucking No. 1 picks, with Nico Hischier, who was just named captain last week, in 2017 and Jack Hughes in 2019, plus a deep pool of other intriguing prospects. Fans seem to appreciate where they are headed (and yes, they also get credit for capturing the region’s other title way back in 2003).Meanwhile Islanders fans are feeling good that Lou Lamoriello is the president of a team that made the conference finals last year.“Lou Lamoriello has basically resuscitated that moribund franchise,” said Esiason, whose son-in-law, Matt Martin, is a forward on the team, “and they have a new arena being built over in Elmont — who would have thought that would ever happen? Now, suddenly, they are one of the top teams in the N.H.L.”It’s all there. Maybe.Add it all up, from the Bronx to New Jersey — the Red Bulls are bound to win an M.L.S. Cup eventually, right? — and maybe the region really is headed for something better than four championships in the next 20 years.“New York is the greatest city in the world and it really needs some positive energy,” said Alex Rodriguez, the ESPN analyst who was part of the last Yankees championship in 2009. “Things are looking up. I think sports is ready to bring a lot of joy and hope for the folks of New York.”AdvertisementContinue reading the main story More