Investcorp have suspended their plans to buy AC Milan from Elliott Management according to a source close to the negotiation, it is claimed.
It has been reported for weeks now that Investcorp had emerged as the probably new owners of Milan having begun talks with Elliott over the acquisition of the club in a deal worth over €1bn, even having completed the due diligence process, but then speculation about doubts over the structure of the deal and the possible presence of debt slowed things down.
According to reports from Reuters (via MilanNews), the Bahrain-based fund Investcorp have put suspended their plans to buy Milan. This was reported by a source close to the negotiation who stated that, during the talks with Elliott, Investcorp ‘could not agree with them on the resolution of a certain issue’.
It comes after this morning’s edition of Il Sole 24 Ore (via MilanNews) reported that that Elliott are very likely sell to their compatriots RedBird Capital who have overcome the competition of Investcorp in the last few hours with an offer of €1.3bn, which could rise to €1.8bn.