According to the Financial Times, a deal for the prized Serie A team is expected to be completed shortly for approximately $1.2 billion alongside U.S. private equity group RedBird.
The New York Yankees franchise and Main Street Advisors, a Los Angeles-based investment fund comprised of LeBron, Drizzy and legendary music executive Jimmy Iovine are partnering to complete the transaction.
Drake is expected to be a passive investor in A.C. Milan as are the rest of his high-profile teammates in on the deal.
A formal announcement for the deal is expected as early as Wednesday (August 31) when the new investment group will seize power from ex-owner U.S. hedge fund Elliott Management.
Drake has a diverse investment portfolio but hasn’t delved much into the sports world outside of being an official Global Ambassador for the Toronto Raptors.
In the past, he’s poured money into sports media company Overtime, tech company Wealthsimple, crypto firm Moonpay and plant-based chicken company Daring Foods Inc.
King James is no stranger to investing in sports teams. He currently has stakes in the Boston Red Sox, Pittsburgh Penguins and Liverpool FC.
A.C. Milan currently sit in third place in Italy’s Serie A with eight points following the team’s 0-0 draw against Sassuolo on Tuesday (August 30). The Rossoneri were crowned Serie A champions last season, their first league title since 2011.
Hot Boys released their second studio album Guerrilla Warfare in July 1999 and its blazing yet menacing cover art is a major part of the OVO capsule as it’s plastered onto an array of t-shirts, shorts and hoodies with fall fast approaching.