CorSport: Elliott Management dictate request to Investcorp during €1.18bn takeover talks

By Oliver Fisher -

Elliott Management have dictated a specific condition to Investcorp before they will sign the documents to hand the club over, a report claims.

Today’s edition of Corriere dello Sport (via PianetaMilan) talks about the latest news from the takeover situation and how the hypothetical closure of Friday 29 April – just two weeks after the start of the exclusive negotiation period – was unrealistic.

A €1.18bn acquisition is complex and requires many steps which is why Investcorp continue to take the time available to study Milan’s costs and revenues, projecting their growth expectations and designing competitive strategies for the future.

This also acts as a way to form an idea on the price, negotiate terms and methods of payment, essentially build the entire financial structure of the operation, while it must be remembered that specific clauses can also be discussed for days.

On the structure of the operation, the hypothesis of bond issue by Investcorp emerged and this is a key point in the acquisition of the club, because that means the money will show up as debt against the club (to bond holders).

This does not mean that wealthy investors are not entering the Milan takeover operation and many acquisitions involve debt in the first phase, with a bridge loan from the banks, or the so-called ‘mezzanine debt’.

The buyer usually repays these very expensive loans very early, as soon as the financial structure of the transaction settles down. The paper adds that Elliott have placed a specific condition in the negotiation with Investcorp: whoever buys Milan must be an equity buyer – i.e. a buyer who invests his own capital, without injecting the debt used for the acquisition of the club.

This is out of respect for the club and not to ruin the work that they have done so far, while Elliott do not want to simply earn their profit and leave the club without caring for the consequences.

Tags AC Milan


  1. Grande Elliott. These are serious people. Compare this with what Berlusconi did with just throwing the keys to the club to the highest random bidder.

  2. I’ve always known Elliot wants the best for us….. I’m sure there would be a right to retain the club if the New investors fumbles….❤️🖤

  3. Wow.. Elliott.. I remember all the doubts when they takeover milan. But seeing where we are now, and now this gesture. Thank you, really.. Thank you Elliott

  4. Hold on! Investcorp is not going to pay cash? Is this joke? How they are going to run a club? They are checking accounts for weeks, even birds on a tree, knows how our accounts are clean. I hope I am wrong, when I said before, they want Milan only as a trophy to get in other business and make money.

  5. Business ethics — such a rare thing in the world of big money!
    It is great that they are not leaving us with a burnt land. Thank you for everything you did. Elliots pulled us from a swarm. And they gave us hope to see our club at the very top again where it belongs.

  6. I am really glad and thankful to Elliot for everything they have done for Milan. They literally pulled the whole club out of the Gutter Berlu left us in with Li. Even now with the selling they are making sure the new buyer is genuine and that’s only because of Milan’s welfare.

    This is a massive Gesture and Elliot deserves the respect of Every Milan fan. I would follow Elliot closely in Football world if they decide to re-enter with another club.

    I would actually prefer Elliott to Stay tho. I know the path we are in is definitely gonna bring success in future. But I do understand why Elliott may think Selling the club now is a good business.

    In my honest opinion with the proper investments, Milan will be worth twice over the next two seasons considering we have a brand value in the world that can only be rivaled by two other clubs in the world, Real and Liverpool.

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