RedBird Capital Partners

What is RedBird Capital Partners?

RedBird Capital Partners is a private investment firm founded in 2014 by Gerry Cardinale, headquartered in New York City. The firm manages over $12 billion in assets and specializes in sports, media, entertainment, financial services, and technology investments. RedBird operates as a permanent capital vehicle, allowing it to hold investments for extended periods without pressure to exit. Its portfolio includes AC Milan, a stake in Fenway Sports Group, the United Football League, and financing for Skydance's acquisition of Paramount Global.

Who owns RedBird Capital Partners?

RedBird Capital Partners is owned by founder Gerry Cardinale and the firm's partners. Cardinale serves as Founder and Managing Partner. The firm's investment funds are capitalized by institutional investors, including pension funds, endowments, and sovereign wealth funds, who commit capital as limited partners. These limited partners do not own the firm itself but participate in its investment returns. RedBird is not publicly traded.

Does RedBird own AC Milan?

Yes, RedBird acquired AC Milan in August 2022 for approximately €1.2 billion ($1.2 billion) from Elliott Management. RedBird holds majority ownership of the club. Since the acquisition, RedBird has installed a new management team led by CEO Giorgio Furlani and invested in data analytics, commercial partnerships, and stadium development plans. AC Milan won the Serie A title in 2021-22 under Elliott's ownership and has since returned to the Champions League under RedBird's ownership.

What else does RedBird own?

RedBird holds a minority stake in Fenway Sports Group, which owns Liverpool FC, the Boston Red Sox, and the Pittsburgh Penguins. RedBird owns the United Football League, created through a 2023 merger of the XFL and USFL. RedBird provided financing for Skydance Media's 2025 acquisition of Paramount Global. Other investments include YES Network, SpringHill Company (founded by LeBron James), and OneTeam Partners (player licensing rights for NFL and MLB).

Who is Gerry Cardinale?

Gerry Cardinale is the founder and managing partner of RedBird Capital Partners. Before founding RedBird in 2014, Cardinale spent 20 years at Goldman Sachs, where he ran the Alternative Investments business for the Merchant Banking Division. At Goldman, he structured deals including the creation of the YES Network and the founding of Legends Hospitality. Cardinale is known for his deep relationships with sports franchise owners and media executives, which form the basis of RedBird's investment network.

How much does RedBird manage?

RedBird manages over $12 billion in assets as of 2025. This capital is committed by institutional investors across multiple funds and permanent capital vehicles. The firm charges management fees on assets under management and earns carried interest on profitable investment exits. Specific financial results are not publicly disclosed, as RedBird is a private firm not subject to SEC reporting requirements.

RedBird Capital Partners was founded in 2014 by Gerry Cardinale. The firm launched with a thesis that sports, media, and entertainment represented an underinvested asset class with significant growth potential. Cardinale's experience at Goldman Sachs, where he had structured deals involving the New York Yankees, Dallas Cowboys, and various media companies, gave him a unique network and understanding of these industries.

The firm's early investments focused on financial services and sports adjacent businesses. RedBird invested in OneTeam Partners, a company that manages group licensing rights for NFL and MLB players, and in Wasserman, a sports marketing and talent agency. These investments gave RedBird exposure to the sports industry without requiring direct ownership of franchises.

RedBird's most significant transaction came in August 2022, when it acquired AC Milan for approximately €1.2 billion ($1.2 billion) from Elliott Management. The acquisition was RedBird's first direct ownership of a major European football club. AC Milan is one of the most storied clubs in world football, with seven Champions League titles and 19 Serie A championships. Elliott Management had acquired the club in 2018 after the previous owner, Li Yonghong, defaulted on debt obligations. Under Elliott's ownership, AC Milan returned to profitability and won the 2021-22 Serie A title. RedBird's acquisition valued the club at approximately €1.2 billion, making it one of the most expensive football club transactions in history.

Following the AC Milan acquisition, RedBird expanded its sports portfolio. The firm acquired a stake in Fenway Sports Group (FSG), the parent company of Liverpool FC, the Boston Red Sox, and the Pittsburgh Penguins. This investment gave RedBird exposure to two of the most valuable franchises in global sports without requiring majority ownership. FSG is one of the most successful sports ownership groups, having won the Premier League, Champions League, and multiple World Series titles.

In 2023, RedBird announced a merger between the XFL (which it owned in partnership with Dwayne Johnson) and the USFL to create the United Football League (UFL), which launched in 2024. The UFL consolidated spring professional football in the United States, reducing competition between the two leagues and creating a single, more viable entity.

In 2024 and 2025, RedBird expanded into entertainment media. The firm provided financing for Skydance Media's acquisition of National Amusements and its controlling stake in Paramount Global. The transaction, which closed in 2025, brought Paramount Global under the control of Skydance and RedBird, marking RedBird's entry into Hollywood studio ownership. The deal valued Paramount Global at approximately $8 billion.

RedBird Capital Partners is a private investment firm and is not subject to the same sustainability reporting requirements as public companies. The firm does not publish a standalone sustainability report and is not a Certified B Corporation.

RedBird's approach to environmental and social responsibility is implemented at the portfolio company level. AC Milan has implemented sustainability initiatives including stadium waste reduction and community programs through the Fondazione Milan. Paramount Global has published sustainability reports covering environmental impact of production operations and diversity initiatives.

The firm does not hold specific third-party sustainability certifications at the corporate level. RedBird's primary social impact is through the community programs of its sports franchises, particularly AC Milan's foundation and the UFL's youth football initiatives.

RedBird Capital Partners has faced limited public controversy, which is typical for a private investment firm. The firm's investments in sports and entertainment are subject to regulatory approval, and several transactions have drawn scrutiny.

The AC Milan acquisition in 2022 was reviewed by Italian financial regulators and was approved without conditions. However, the transaction drew attention because it involved a change of ownership at one of Italy's most culturally significant institutions. Some Italian media and fans expressed concern about foreign ownership of a historic club, though RedBird's commitment to investing in the team and maintaining its identity mitigated these concerns.

The Paramount Global acquisition in 2025 was reviewed by US antitrust regulators and the Federal Communications Commission. The transaction combined Skydance's film and animation studio with Paramount's film, television, and streaming assets. Regulatory approval was granted with limited conditions, though the review process took several months.

RedBird's involvement in the XFL and UFL has drawn questions about the viability of spring professional football leagues, which have historically failed. The merger of the XFL and USFL into the UFL was seen as a pragmatic consolidation that improved the odds of sustainability for spring football.

The firm's stake in Fenway Sports Group has drawn scrutiny related to FSG's ownership of Liverpool FC, particularly regarding ticket pricing and competitive balance in the Premier League. These issues are directed at FSG rather than RedBird specifically, but RedBird's minority stake ties it to these controversies.