Huge news has just been released as World Lab Technologies are in talks to buy Milan from Elliott Management, who took over the club in the summer of 2018. This was confirmed by a press release this afternoon.
There have been many rumours over the last year or so about Elliott potentially selling Milan, having initially planned to sell the club quite quickly. However, World Lab Technologies hadn’t been mentioned until today.
In a press release that was published by the lawyer Felice Raimondo, it was revealed that he has been entrusted with the legal consultancy of World Lab technologies in Italy, along with two other lawyers. The purpose of which being negotiations with Elliott.
“The law firms managed by the lawyers Felice Raimondo, Gianluca Frate and Dr. Mauro Gagliardi – the owner of the Marriotts Legal Service – have received the mandate to manage the consultancy and extrajudicial assistance activity in Italy regarding the possible acquisition of the football club AC Milan Spa by the investment fund World Lab Technologies inc., headed by Mr. Alexandr Jucov.
“WLT is a fund with a very significant economic capacity that deals with investing in renewable energy, infrastructure, technology and sport. Legal activity outside Italy is entrusted to the firm Baker McKenzie. More details will be provided later, in the event that Mr. Jucov will reach an agreement in principle with the Elliott fund,” the statement read.
World Lab Technologies first announced their interest in the club back in August of last year, which you can read here, but it seemingly went unnoticed in Italy. It remains to be seen how advanced the talks are and what the outcome will be.