RedBird Capital Partners: A Deep dive
Table of Contents
Founded in 2014, RedBird Capital Partners is a New York-based private investment firm specialising in sports, media and entertainment, and financial services.
Source of funding
RedBird manages approximately US$12 billion in assets for a global network of blue-chip institutional investors and family offices. The firm has actively raised capital, with its fourth fund reportedly gathering at least US$2.3 billion in commitments.
Additionally, joint venture vehicle RedBird IMI, formed alongside Abu Dhabi-based International Media Investments (IMI), launched in 2022 with US$1 billion in committed capital, including from Manchester City owner Sheikh Mansour bin Zayed Al Nahyan.
Investment thesis
RedBird backs companies at different stages and works across the full capital stack, which the firm believes enables it to offer flexible support tailored to the needs of its partners so they can scale sustainably and deliver strong returns.
Once capital has been committed,the firm aims to unlock value through innovative marketing,pricing and customer engagement strategies,leveraging proprietary tools and artificial intelligence (AI) applications. The approach blends strategic guidance, practical business planning and hands-on support. RedBird also helps companies navigate key milestones, such as fundraising and mergers and acquisitions (M&A) activity.
In sports specifically, RedBird seeks out new markets and business initiatives that can accelerate growth for organisations in its portfolio. AC Milan are a good example of this, with RedBird planning to build a new stadium to boost the Italian’s club’s revenue-earning potential and strengthening the team’s profile in America.
It is notable that RedBird is a US-based investment firm with no direct investments in American sports franchises. The firm’s founder and managing partner Gerry Cardinale said in 2025 that this is unlikely to change soon, arguing that franchise valuations are currently too high and require “normalisation”.
Cardinale also favours opportunities where RedBird can “have an involvement” in governance and “the underwriting of the business plan”, rather than acting as a passive investor.
RedBird actively targets new markets and strategic business initiatives that can drive accelerated growth for its portfolio sports organisations
Key personnel
Gerry Cardinale – Founder and Managing Partner
Joined: July 2013
Role: As well as serving as managing partner, Cardinale is RedBird’s chief investment officer and is actively engaged in company-building activities across the firm’s portfolio.
Background: Prior to founding RedBird, Cardinale spent 20 years at Goldman Sachs where he was a partner and a senior leader of the bank’s private equity investing business.
Robert Klein – President
Appointed: August 2017
Role: Klein oversees the business operations of RedBird, including capital partnerships, finance, and legal and compliance. He is responsible for creating new products and partnerships to grow the firm’s global presence.
Background: Klein worked for ten years at JP Morgan, finally as global head of its alternative investments group – a hedge fund, private equity/credit and r
## RedBird Capital Partners: A Portfolio of Sports Investments
RedBird Capital Partners is rapidly becoming a significant player in the global sports landscape, assembling a diverse portfolio of teams and leagues. Hear’s a breakdown of some of thier key investments:
AC Milan
deal value: US$1.2 billion
Type: Majority stake
Sport: Soccer
Market: Europe
Date: June 2022
RedBird completed its takeover of Italian soccer giants AC Milan in June 2022, acquiring a majority stake in the club from Elliott Management. The deal valued the Serie A team at over US$1.2 billion. Milan reached the Champions League semi-finals in 2023.
YES Network & Regional Sports Networks
Deal value: US$3.8 billion
Type: Acquisition
Sport: Multiple sports
Market: North America
Date: March 2024
In March 2024, RedBird capital Partners finalized the acquisition of the YES Network, the regional sports network (RSN) of the New York Yankees,alongside a portfolio of other RSNs previously owned by Sinclair Broadcast Group. The deal, valued at US$3.8 billion, included partnerships with Disney and Amazon, as well as the NBA‘s Brooklyn Nets and the WNBA’s New York Libertyand also the Yankees.
Toulouse
Type: Acquisition
Sport: Soccer
Market: Europe
Date: July 2020
French side Toulouse became the first soccer club to come under RedBird ownership when the firm took an 85 per cent stake in summer 2020. The team has stayed in Ligue 1 as promotion back to the top tier in 2022 and won the Coupe de France in 2023, though RedBird has been linked with a sale in recent years.
United Football League
Deal value: US$15 million
Type: Co-ownership
Sport: American football
RedBird Capital: A Portfolio of Sports Investments
RedBird Capital Partners is a private investment firm focused on sports, entertainment, and technology. Here’s a look at some of their key investments:
Rajasthan Royals
Deal value: Rajasthan Royals valued at US$250 million
Type: Minority stake
Sport: Cricket
Market: asia
Date: June 2021
redbird paid an estimated US$37.5 million for a 15 per cent stake in the Rajasthan Royals, with the firm providing strategic capital and additional expertise to support the IPL franchise’s long-term growth and commercial objectives.RedBird was linked with selling its stake in the Royals in 2025 and reportedly hoped to double the money it had paid four years earlier.
Read more.
Dream Sports
Deal value: Dream Sports valued at US$8 billion
Type: minority stake
Sector: Fantasy sports
Market: Asia
Date: November 2021
RedBird, alongside Falcon edge, DST Global, D1 Capital and Tiger Global, co-led a US$800 million funding round for Dream Sports, which valued the Indian fantasy gaming firm at US$8 billion. The company is best known for Dream11, which is one of the biggest fantasy sports games in India and has over 250 million registered users.
Read more.
AC Milan
Deal value: AC Milan valued at €1.2 billion
Type: Acquisition
Sport: Soccer
Market: Europe
Date: June 2022
As acquiring Italian soccer giants AC Milan from Elliott Management, RedBird has set about reviving the club’s fortunes on and off the pitch. The Rossoneri posted record revenue of €494.5 million in 2024/25 and have achieved three consecutive years of profit.Cardinale also hopes a new stadium can “transform Milan’s financial profile and bring it up to the level of Premier League teams”.
Read more.
Alpine F1 Team
Deal value: alpine valued at US$900 million
Type: Minority stake
Sport: Motorsport
Market: Global
Date: June 2023
RedBird was among a group of investors that bought 24 per cent of the Alpine Formula One tea
OneTeam Partners Recapitalized with Investment from HPS, Atlantic Park, and Morgan Stanley
OneTeam Partners, a leading athlete licensing and marketing company representing the commercial interests of over 20,000 athletes, has been recapitalized through a new investment from HPS Investment Partners, atlantic Park, and Morgan Stanley. This deal sees RedBird Capital Partners exiting its stake in the company,signaling continued confidence in OneTeam’s growth and position within the sports industry. https://nflpa.com/press/oneteam-partners-announces-sale-of-redbird-capital-stake-to-hps-atlantic-park-and-morgan-stanley-recapitalizing-the-premier-athlete-licensing-and-marketing-company
What Does OneTeam Partners Do?
OneTeam Partners uniquely aggregates the intellectual property rights of professional athletes, allowing for collective licensing opportunities. This approach differs from traditional individual athlete representation, enabling broader and more impactful partnerships. The company currently represents athletes from the WNBA Players Association (WNBPA) and boasts a strong roster of licensees including major players like Fanatics and EA Sports.https://www.sportspro.com/company/fanatics/ https://www.sportspro.com/company/ea-sports/
Key Details of the Recapitalization
the recapitalization, led by HPS Investment Partners, Atlantic Park, and Morgan Stanley, provides OneTeam Partners with significant resources to further expand its capabilities and market reach. While specific financial terms of the deal weren’t disclosed, it signifies a strong vote of confidence in OneTeam’s business model and future prospects. HPS Investment Partners is a leading global investment firm focused on private credit, while Atlantic Park is a private equity firm specializing in sports and entertainment investments. Morgan Stanley is a multinational investment bank and financial services company.
Why this Matters for Athletes and the Sports Industry
This investment is significant for several reasons:
* Increased Athlete Revenue: by collectively licensing athlete rights, OneTeam Partners maximizes revenue opportunities for its represented athletes.
* Growth of Group Licensing: The deal validates the growing trend of group licensing as a powerful tool for athlete representation and brand building.
* Enhanced Marketing Opportunities: The influx of capital will allow OneTeam to pursue more innovative and thorough marketing campaigns leveraging the collective power of its athlete roster.
* Industry Consolidation: This recapitalization could spur further consolidation within the athlete licensing and marketing space.
Who are the Investors?
* HPS Investment Partners: A global investment firm specializing in private credit solutions. https://www.hpsinvestmentpartners.com/
* Atlantic Park: A private equity firm focused on investments in sports, entertainment, and media companies.https://atlanticpark.com/
* Morgan Stanley: A leading financial services firm providing investment banking, securities, wealth management, and other financial services. https://www.morganstanley.com/
Looking Ahead
The recapitalization of oneteam Partners positions the company for continued growth and innovation in the athlete licensing and marketing landscape. As group licensing becomes increasingly prevalent, OneTeam is poised to play a leading role in shaping the future of athlete representation and maximizing value for athletes across various sports.
To stay up to date on the sports investment space, sign up for SportPro’s Investment Newsletter https://www.sportspro.com/account/registration/