AC Milan announced their latest ownership change on Wednesday, which involves a minority stake for the New York Yankees.

RedBird Capital Partners completed the deal to purchase a controlling interest in the seven-time European champions for €1.2 billion ($1.2b).

They are the second soccer team the Yankees will partially own (New York City FC in Major League Soccer is the other).

Gerry Cardinale, who founded RedBird in 2014 and is a managing partner, announced a preliminary agreement in June to buy Milan from fellow American firm Elliott Management.

"We have a multi-decade relationship with the New York Yankees and the Steinbrenner family that has resulted in the creation of some of the most successful businesses in sports, entertainment and hospitality," Cardinale said in a statement on Milan's website.