AC Milan’s owners Elliott Management have other offers on the table to buy the club but Investcorp are proceeding in talks, a report claims.
According to Calciomercato.com, Investcorp have a two week exclusivity period meaning a definitive answer will arrive within the first days of May as to whether the operation will be completed. Elliott took over Milan and July 2018 and thanks to their excellent work over the last three years there are several offers on the table.
The one from the Bahrain-based Investcorp – supported by the sovereign fund of the Emirates Mubadala – is in front of all, but the exclusivity will expire in about two weeks and no extensions are foreseen. It is during this time that Investcorp will conclude the due diligence, i.e. the analysis of the Rossoneri accounts, but given Elliott’s work there are no twists foreseen.
The budget went from €-195m in June 2020 to €-96m in 2021 and is expected to further improve this year too, thanks to a self-sustainability policy and the growth of revenue thanks to the 27 new sponsorship and partnership agreements.
The price the American fund have set is $1.1bn which would be a record sale for a football club in Italy, but lower than other alternatives in the United States and Europe. The hypothesis of entering Milan initially with a minority stake should not be excluded, but at the moment it is unlikely.