U.S. investment firms might end up scoring quite a few goals with their European soccer teams. Few of them are likely to translate into decent profits.
On Wednesday, Italy’s AC Milan officially passed from one American owner to another: Gerry Cardinale’s private-equity firm RedBird Capital Partners took over from Elliott Management, completing a purchase announced back in June. RedBird, which controls France’s Toulouse FC and has a stake in the owner of England’s Liverpool FC, also said the New York Yankees baseball franchise would take a minority stake.