Expert highlights role of Mubadala and explains differences between Elliott and Investcorp

By Oliver Fisher -

If AC Milan are sold to Bahrain-based fund Investcorp in the coming weeks then they can expect an interesting and exciting new era, according to one expert.

Speaking in a column for Il Sole 24 Ore (via, Marco Bellinazzo spoke of the increasingly probable sale of Milan to the Investcorp fund and the presence in the operation of the Mubadala Investment group, a sovereign fund of the United Arab Emirates.

“It is not Investcorp directly that are important and superior to Elliott, but rather its main shareholder, i.e. the Mubadala fund, the sovereign fund of the United Arab Emirates,” he began.

“Analysing the situation, this interest in Milan should not come as a surprise. For years, sovereign funds have been making important investments in sport in general and football in particular, as evidenced for example by the PSG and Manchester City cases.

“At the end of 2021, there was an agreement passed somewhat overtly between the sovereign wealth fund of the Emirates and that of Bahrain. In practice, these two funds have teamed up to invest in sport.

“Mubadala did not propose a direct investment in Milan because there is a particular intertwining, namely that Manchester City is owned by another Abu Dhabi fund that is part of the ruling family of the Emirates. The CEO of Mudabala is the president of the City. Mubadala recently bought a cycling team too.

“Investcorp would like to close in a very short time, it depends on Elliott’s willingness to accept the offer immediately or wait a bit and hope for other higher bids.”

Bellinazzo also went on to speak about the differences between Elliott and Investcorp, ones that fans can expect to see play out if the club does indeed change hands.

“Elliott have in their DNA to buy a company, re-evaluate it, put it back on the market and make a capital gain. Sovereign wealth funds or in any case funds linked to sovereign wealth funds like Investcorp also aim to have a return of money, but they also have objectives that are not only financial. And in football these objectives pass through victories.”

This is a clear and sizeable difference that could significantly change Milan’s course for the short, medium and long-term future, because Investcorp’s priority will not only be to resell the club by generating a capital gain but also to increase its value exponentially through the purchase of top players, growing the brand and the appeal.

Tags AC Milan


  1. I hope that what this author says is correct and that that means Investcorp will spend big to get bigtime players to come to Milan and stay at Milan so that we are back to competing for Champions League titles again like when I was growing up back in the 1980s! (and 90s and 2000s too still competing for CL of course!).

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