RedBird Capital Partners, the American investment firm that has an 11 per cent stake in Liverpool owners Fenway Sports Group, has raised almost $2.5bn for its latest fund to invest into sports.
RedBird’s fourth fund has raised $2.3bn of its $2.5bn goal so far, with $750m of that figure having arrived from Abu Dhabi’s International Media Investments (IMI), a private firm controlled by Sheikh Mansour bin Zayed Al-Nahyan, the owner of Manchester City.
The fund, which is expected to surpass its $2.5bn goal, has raised $1.56bn in capital commitments from other entities, although the extent of the IMI commitment has seen it renamed RedBird-IMI from its former moniker of RedBird IV.
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It is the latest move from New York-based, Gerry Cardinale-led RedBird, which acquired controlling ownership of Serie A giants AC Milan in September of last year. The takeover of the Rossoneri added to a portfolio of sporting assets that includes that 11 per cent FSG stake, ownership of French Ligue 1 club Toulouse, a minority stake in the Rajasthan Royals IPL cricket team, and co-ownership of the XFL in America with actor Dwayne Johnson and his business partner and ex-wife Dany Garcia.
Former chief of CNN in the US, Jeff Zucker, is the CEO of the RedBird-IMI joint venture. Cardinale is the CEO, CIO and founder/managing partner for all RedBird and its funds.
RedBird were earlier this year erroneously linked to taking a stake in Liverpool on its own in addition to the indirect ownership stake that it has in the club through the $750m deal it struck with FSG back in March 2021. The capital that arrived through that deal allowed for FSG to ease any cash flow issues across its portfolio as well as allowing the firm to press ahead with the $950m acquisition of the Pittsburgh Penguins in November of the same year.
The ECHO have been told by people in the US familiar with the matter that RedBird will not be participating in the investment search that FSG are currently conducting, which is expected to move to an advanced stage during the summer after potential investment partners were identified through an initial search led by Mike Gordon and facilitated by US banks Morgan Stanley and Goldman Sachs.
Speaking to the ECHO in March, FSG chief and principal Liverpool owner John Henry said: “While we formalised a process that has identified potential investors for the club, we remain fully committed to the long-term success of the club.
“That has been the case since day one in 2010. Our efforts every day have been and continue to be focused on the long-term health and competitiveness of the club. Investment in the club is never for the short-term. This approach has been successful over the long haul with patience necessary from time to time.
“In regard to Liverpool Football Club our commitment remains stronger than ever.”
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