US investment fund RedBird completes $1.3B AC Milan takeover

RedBird's acquisition of Milan comes after they bought a minority stake last year in Fenway Sports Group and a majority stake in French Ligue 1 club Toulouse in 2020.

Major League Baseball giants the New York Yankees will also have a "minority equity stake" in Milan. (Reuters Archive)

AC Milan says investment fund RedBird has completed the acquisition of the Italian champions from rival US group Elliott Management for $1.3 billion (1.2 billion euros). Serie A giants Milan said in their statement on Wednesday that the Major League Baseball giants the New York Yankees will also have a "minority equity stake" in Milan, who won their first Serie A title in 11 years last season, through their owners Yankee Global Enterprises. "We will support our talented players, coaches and staff to deliver success on the pitch," said RedBird's founder Gerry Cardinale in the statement. "We will look to leverage our global sports and media network, our analytics expertise, our track record in sports stadium developments and hospitality to deliver one goal - maintaining Milan’s place at the summit of European and world football." READ MORE: Inter fans flood onto Milan streets to celebrate winning 19th Scudetto

RedBird Capital Partners completes acquisition of AC Milan ➡️ https://t.co/34kE6CVVnW

RedBird Capital Partners completa l'acquisizione di AC Milan ➡️ https://t.co/57FALTJvfa#SempreMilan pic.twitter.com/YTo6X5CvDq

— AC Milan (@acmilan) August 31, 2022

Global football powerhouse RedBird's purchase of Milan comes after they bought a minority stake last year in Fenway Sports Group, the owners of Liverpool and MLB team Boston Red Sox, and a majority stake in French Ligue 1 club Toulouse in 2020. Elliott acquired Milan in 2018 when Chinese businessman Li Yonghong was unable to repay a loan he had taken out when he bought the club from Silvio Berlusconi's Fininvest in 2017. Italy's former prime minister Berlusconi had owned the club since 1986 and in the intervening three decades had made Milan a global football powerhouse, crowned European champions five times between 1989 and 2007. Milan had been dogged by financial problems and sub-standard performances on the pitch after winning the league in 2011, a second-place finish in 2021 announcing their return as a challenger for trophies. They declared losses for that season of 96 million euros, down from a deficit of 195 million euros in 2020. Accounts for last season are yet to be published. READ MORE: Juventus investigates fans who racially abused AC Milan's Mike Maignan Source: AFP

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Pakistan flash floods - PCB to donate gate receipts from first England T20I to PM's Flood Relief Fund

The PCB will donate gate receipts from Pakistan's first T20I against England, in Karachi on September 20, to flood-relief efforts to help the country deal with the catastrophic situation that has caused over 1000 deaths.

The floods were caused by the highest rainfall in the country in more than three decades, an occurrence described by Sherry Rehman, the minister for climate change, as a "climate catastrophe". Over 33 million people in the country have been affected and, according to some estimates, the flooding has caused over $10 billion worth of damage.

Ramiz Raja, the PCB chairman, said in a statement, "As cricket unites our proud nation, we stand firmly with the victims and all those involved in​ the flood relief and rescue operations. As a responsible and caring organisation, the PCB has always stood with its fans and public in tough, challenging and testing times. In this regard, we have decided to donate gate proceeds from the first T20I against England ​next month to the Prime Minister's Flood Relief Fund.

"I encourage all spectators to participate in this initiative by purchasing tickets for the first T20I and turning up in big numbers so that we as a cricket family can donate ​a substantial amount to the fund and show solidarity with those affected by the catastrophe."

"We have already sent trucks full of food, medicines and other commodities to the affected areas and will continue to support our ​nation and rescue operational teams in any way we can," Ramiz said. "Our thoughts and prayers remain with the people of Pakistan."

After the Asia Cup, Pakistan will host England upon their return home for a series of seven T20Is. It will be England's first tour of Pakistan in 17 years and the matches will be held in Karachi (the first four) and Lahore (the remaining three). After the series, the teams will travel to Australia for the T20 World Cup, and England will then return to Pakistan for a three-Test series, to be played in Rawalpindi, Multan and Karachi in December.

#Pakistan #flash #floods #PCB #donate #gate #receipts #England #T20I #PMs #Flood #Relief #Fund https://www.globalcourant.com/pakistan-flash-floods-pcb-to-donate-gate-receipts-from-first-england-t20i-to-pms-flood-relief-fund/?feed_id=18065&_unique_id=630eb983b4e4a

PM Shehbaz Sharif sets up flood relief fund, asks people to donate

ISLAMABAD: Prime Minister Shehbaz Sharif has setup a flood relief fund for those affected from heavy rainfall and floods in the country and asked philanthropists and general public to donate for the cause, ARY NEWS reported.

The prime minister said that above normal rainfall has led to a disaster in Balochistan while losses were witnessed in Sindh, Punjab and Khyber Pakhtunkhwa (KP) provinces.

“Despite tough economic conditions, the government has released Rs5 billion for the flood affectees,” he said and asked philanthropists to come forward and help government in rebuilding the structures of those affected in the disaster.

PM Shehbaz Sharif also directed the provincial governments to declare the affected areas as calamity-hit so that relief work could be expedited in those areas.

The funds for the flood affectees could be transferred to account number G-12164 of Prime Minister Relief Fund 2022.

It is pertinent to mention here that the prime minister has already announced to impose emergency in areas hit by severe monsoon rains and floods, and ordered the finance ministry to issue Rs 5 billion to National Disaster Management Authority (NDMA)for rescue and relief programs.

According to a statement issued by the Prime Minister’s House, a state of emergency has been imposed in areas severely hit by floods and rains.

Additionally, the PM has ordered to form a joint committee of NDMA and PDMA to commence rescue and rehabilitation programs for the flood-affected people.

The PM said ordered the Finance Ministry to issue Rs 5 billion for the rescue and relief programs, saying the programs are their utmost priority. We will have to think about the people in distress over our political conflicts, the PM added.

The committee formed by PM includes Ahsan Iqbal, Asad Mehmood, Abdul Wasay, Murtaza Javed, Qamar Zaman Kaira, Chairman NDMA and Secretary communications. The committee would hold its inaugural session today and formulate a coordination policy.

The PM added that they need to formulate a short-term and a long-term strategy to overcome the situation. The provincial government have been ordered to submit reports to the federal government by the PM.

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