Arab fund Investcorp is in advanced talks to acquire AC Milan club from Elliott Management. The deal will cost one billion euros.
Asset manager Investcorp has entered into exclusive talks to purchase Italian AC Milan club from Elliott Management Fund reports Reuters. Negotiations between Investcorp and Elliott are very advanced and the Arab fund based in Bahrain is set to become the new owner of AC Milan.
Investcorp is a global manager of alternative investment products, for private and institutional clients. Founded in 1982, the company has offices in New York, London, Bahrain, Abu Dhabi, Riyadh, Doha, Mumbai and Singapore. Mohammed Alardhi is the executive chairman of Investcorp who manages a total of over $40 billion in assets.
The entire process is set to last for nearly one month before the ownership transfer if officially completed. Investcorp will pay close to one billion euros to acquire AC Milan club from Elliott Management. The American fund leaves the Rossoneri after four years and a healthy profit.
AC Milan are not the first Italian company to be owned by Investcorp. The Arab fund has previously owned Gucci while still controles Riva and Dainese. In March, one of Investcorp’s key directors, Neil Hasson, confirmed that their investments it Italy would grow. “The market has confirmed to be dynamic and with significant opportunities. We continue to see Italy and Europe as a priority region for our investments“.
Under the strict guide of Elliott, AC Milan continued to reduce their loses every year. The management team of Maldini, Massara and Gazidis made an excellent job while working under economic restrictions. The trio build a squad that is fighting for the Scudetto this season and is in the Coppa Italia semi-final.