After turning the Cubs around, the Ricketts family is looking to invest in another franchise to do just that once again — only this time overseas.
The Ricketts family has expressed interest in buying the controlling stake of AC Milan, one of the three largest soccer teams in Italy, a source close to the deal told the Sun-Times on Friday. The family-led initiative is still in the early process of working out a deal, the source said.
The value proposition for the Ricketts is that the family knows how to build a winning franchise. Since the Ricketts took over the Cubs in 2009, the franchise networth has doubled and was last reported as being valued at $2.9 billion, according to Forbes. The Ricketts turned the Cubs into a billion-dollar franchise and gave them the right tools to help the team win its first World Series in 108 years.
“The Ricketts put together the management team, resources and training facilities [for the Cubs],” the source said. “[They did] everything you need top to bottom to be successful.”
AC Milan is the 17th most valuable soccer team in the world and has an estimated to be valued at $612 million, according to Forbes.
Li Yonghong, a Chinese business man, is the current chairman of the Italian football club, which he purchased last April.