AC Milan’s current owners Elliott Management are asking for €1billion from any party interested in buying the club, a report claims.
It has been widely reported that Elliott’s intentions are to run the club for the medium-long term and then sell for a profit, such is the nature of a fund like theirs.
The American fund are working on improving the value of their asset ahead of a potential sale by hopefully bringing the club back into the Champions League, but now Milano Finanza suggests that there are parties lurking ready to make an offer.
Their report claims that a fund called CVC Capital Partners – a British financial company specialising in private equity in sectors such as consumer goods, financial services , telecommunications and pharmaceutical products – has come forward.
It manages over $52billion (€46bn) of business between Europe and Asia, with an investment capacity of $109billion. At one point the fund owned a majority share in Formula 1 before relinquishing to Liberty Media in 2016. In total, the CVC Group manages $70billion (roughly €62bn) of assets.
They have enquired about the potential of buying Milan, however the report claims that the Singer family have requested €1billion to sell the club – a figure which has pushed CVC away.