Yahoo reports Yankee Global Enterprises, the MLB team’s parent company, and Los Angeles-based investment firm Main Street Advisors which includes LeBron James and Drake among its group of investors are closing in on a deal to purchase the reigning Serie A champions for just over $1.2 billion.
The deal will make LeBron and Drake passive investors in Milan through Main Street Advisors, while not owning a direct stake in the soccer club.
“We’re very confident that the Yankee brand is the most famous sports brand in the world, and we think we can help boost the revenue of AC Milan by being associated with it,” Yankees president Randy Levine said in a statement.
The AC Milan move marks the second time in the past year that LeBron and Drake joined forces for a massive business deal. Last November, the pair invested in StatusPRO, a sports technology company that experts project will be a leader of an industry projected to be worth $57 billion by 2027.