The Ricketts family, who purchased a controlling stake in the Chicago Cubs back in 2009, have interest in further pursuing ownership in financially troubled Italian club AC Milan.
According to a family statement, “The Ricketts family brought a championship to the Chicago Cubs through long-term investment and being great stewards of the team … They would bring this same approach to AC Milan.”
First reported by the Chicago Tribune, the news of the Tom Ricketts’ interest in the team comes on the heels of news that current owner Li Yonghong had failed to meet a Friday deadline for a $37 million loan payment. According to reports, the missed payment means that Li will cede control of the club to Elliott Management, who loaned the Chinese businessman the money to complete his initial purchase of the club last April.
The Chicago Sun-Times also reported the family’s interest in the club, and quoted their source as saying, “The Ricketts put together the management team, resources and training facilities [for the Cubs]. [They did] everything you need top to bottom to be successful.”
Ricketts has plenty of history in soccer ownership, having previously been a part of the group that owned English club Derby County before selling back in 2015. This May, Ricketts also announced he was leading an investment group that is looking to bring a USL expansion team to Chicago.
Forbes values AC Milan at $612 million – a massive 26% 1-year decline – and ranks them the 17th most valuable soccer club in the world. That valuation could be further on the decline, as the storied club missed out on Champions League qualification for the fifth straight year, although they qualified for their second straight Europa League appearance with 6th place finish in last year’s Serie A table, eight points behind Lazio in fifth.
AC Milan also faces heavy sanctions from UEFA regarding Financial Fair Play, although those fears could be eased with the financially-troubled Li selling the club.
The Ricketts family’s wealth comes largely from investment banking, with Tom’s father J. Joseph Ricketts having founded Ameritrade back in 1975. Tom is estimated by Forbes to be worth $1 billion, while his father has an estimated net worth of $2.1 billion.