Bahrain-based Investcorp in exclusive talks to buy AC Milan, say sources

MANCHESTER: Bahrain-domiciled asset manager Investcorp has entered into exclusive talks to purchase Serie A club AC Milan, sources said on Friday, in what would be the first takeover of a top Italian team by Middle East investors. One source close to the talks told Reuters the deal to buy the seven-times European champions from current owner Elliott Management Corporation was near to completion. A potential valuation for the club would be in the region of 1 billion euros ($1.08 billion) including debt, the sources said. Investcorp manages over $42 billion in assets with business lines including private equity, real estate, absolute return investments, infrastructure, credit management, and strategic capital. Investcorp and Elliott, which took over Milan in 2018, would not comment when contacted by Reuters. An AC Milan spokesperson said only that “AC Milan remains focused on improving its performance on the pitch and to develop the club.” A second source briefed with the matter confirmed talks between Elliott and Investcorp over a potential sale. Milan have won Italy’s top flight league title 18 times but not since 2011. The club has struggled to recreate the glory years enjoyed under the ownership of Silvio Berlusconi and his Fininvest group.

CHAMPIONS LEAGUE PEDIGREE The club won Champions League titles in 2003 and 2007 after Berlusconi was able to bring in some of the biggest names globally such as Brazilian Kaka and Ukrainian striker Andriy Shevchenko. Berlusconi sold the club to Chinese investor Li Yonghong in 2017 for 740 million euros, including debts, before Elliott later took control. Milan are currently top of the table, two points clear of city rivals Inter Milan but having played a game more. The club