Investcorp in exclusive talks with Elliott Management to buy AC Milan

Bahrain's government has confirmed that Investcorp is in exclusive talks with Elliott Management to buy AC Milan in Italy for $1.1 billion.

The Middle East's largest alternative asset manager, with around $40 billion in assets under management, includes Abu Dhabi's sovereign fund Mubadala Investment Co. as a shareholder, the fund purchased a 20% stake in 2017.

An AC Milan spokesperson told Reuters in response to the speculation: ‘AC Milan remains focused on improving its performance on the pitch and to develop the club’.

Reuters reports that Elliott has received interest from investors, despite the fact that the firm has never formally put Milan up for sale. Elliott's end goal, according to the club's chairman Paolo Scaroni, is to sell Milan, though he did not specify a time frame.

If Investcorp completes the purchase of AC Milan, it will become the first top Italian team to be owned by Middle Eastern investors, joining a growing list of European soccer clubs purchased by sovereign wealth funds.




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