RedBird has announced the creation of Milan Sports & Entertainment (MSE), a holding company that will bring together the group’s current and future investments in Milan across sports, infrastructure and entertainment.
The new company will be led by Brett Yormark, the current commissioner of the Big 12 Conference and former President and CEO of Brooklyn Sports & Entertainment, the organization that also managed the Brooklyn Nets and Barclays Center.
For basketball, the most relevant development concerns NBA Europe. One of MSE’s stated goals is to assess the opportunity to own a Milan-based franchise as part of the NBA’s future European project.
AC Milan will remain at the heart of the platform, while MSE will also work across hospitality, merchandising, infrastructure and live entertainment. The plans also include the development of a new sports and entertainment destination in San Donato, as well as exploring opportunities in international tennis.
Gerry Cardinale, Founder and Managing Partner of RedBird Capital, explained the vision behind the project: «Today we are applying this experience on a different scale: not to one club, one sport or one venue, but to an entire city and to a portfolio spanning sport, lifestyle and entertainment».
Cardinale also stressed AC Milan’s central role: «With Milan as our point of reference, which will always be the driving force behind all our initiatives, we aim to build a world-class sports and entertainment platform».
The launch of MSE therefore confirms that RedBird has not stepped away from the idea of NBA Europe in Milan and is now placing that project inside a dedicated corporate structure focused on developing sports and entertainment business in the city.
Source: La Gazzetta dello Sport – Andrea Ramazzotti
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