Class CNBC: RedBird founder expected in Italy to close $1.3bn purchase of Milan

By Oliver Fisher -

RedBird Capital are ready to accelerate their move to buy AC Milan from Elliott Management with the founder expected in Italy today, a report claims.

Late last week several reliable sources started confirming that Investcorp have put their attempts to buy Milan on hold as the Bahrain fund couldn’t agree on some key issues regarding the structure of the deal with Elliott, and then RedBird decided to step up their pursuit.

According to what Class CNBC are reporting on Twitter, Gerry Cardinale – the founder of RedBird Capital – will be in Milan to close the agreement for the purchase of Milan from Elliott. An agreement has been found for a figure of around $1.3bn USD.

Elliott should actually remain at the club with a minority stake, while the funds are being assisted by the investment banks JP Morgan and Bank of America to ensure that everything goes smoothly in the coming days and weeks.

Tags AC Milan
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