Repubblica: Investcorp annoyed amid competition from RedBird for Milan takeover

By Isak Möller -

Investcorp have been in talks with Elliott Management for the purchase of AC Milan, but the situation has seemingly taken a turn. The Bahrain-based fund, in fact, are now annoyed with Elliott Management. 

Elliott Management, the Milan owners, have been in talks with Investcorp over the sale of AC Milan as the Bahrain-based fund tabled a €1.1bn offer. Due diligence was completed but then things changed due to the competition of RedBird Capital.

The US-based fund joined the race as Investcorp’s exclusivity came to an end. As per La Repubblica (via MilanLive), Investcorp are annoyed with Elliott Management and are asking for an explanation of the situation.

There’s no doubt that the process has hit a roadblock, mainly because Elliott aren’t convinced of Investcorp’s financing of the €1.1bn bid. The race is thus open and it remains to be seen what the outcome will be. It’s clear, though, that Elliott want to leave Milan in good hands.

Tags AC Milan Investcorp RedBird Capital


  1. “It’s clear, though, that Elliott want to leave Milan in good hands.” – Repeat a lie a thousand times and it becomes the truth. And you know it’s a lie because every single news report from any media outlet ends with this exact sentence.

    Elliott is all about their bottom line, they dont give a flying f*ck what happens with Milan after they leave. They will sell to the highest bidder and never look back. Unfortunately that might just leave the club in the banter era 2.0, but if we keep repeating that they want what is best for the club and not their bottom line, everything will be alright.

    1. Yes but with this scudetto is around the corner Milan has come back to is Glory days from now on every season will be a great one for us. Forza Milano

    2. Exactly. 100% agree. What’s hilarious is when they say “Elliot is concerned about the financing of Investcorp” LOL. What a joke. Just be honest, this is all about $$$$. The highest bidder wins no matter where that money comes from. MONEY is money and Elliot don’t give a shit where it’s from they just care who gives them the most and certainly don’t care about the new owner having debt lol. Get on with it and sell – hopefully to Investcorp as I believe they will spend big and build new stadium all for ourselves – can’t say the same for Redbird IMO

      1. Yes. If that wasn’t the case they wouldn’t be selling at this moment, when the team is fighting for the title and has a few more matches. The whole sale story began in the last month, which is just ridiculous from any owner to do.

    3. Replying to the comments above:

      I think Elliot do have an interest in leaving Milan in safe hands, as about 2 years back UEFA asked them about certain assurances since Hedge funds owning teams were not that common in football. Debt was something they discussed in detail at that time. So, leaving Milan with owners who buy with equity and don’t finance the purchase with loans is essential for them. This Bahrain-based fund are apparently willing to pay more, but they will loan 200 million from some bank which will show on Milan’s accounts as debt.

      Also, don’t blame Elliot for breaking out the news, it was this stupid Investcorp who broke it out and they have been quite successful at getting the popularity also they filled in the newspaper with fairy tales of 300 million euros transfer budget bla bla bla. They can’t even finance the whole thing themselves let alone give us a 300 mill war chest. Kinda seems like Li Yong (previous owner).

      Elliot might not care about Milan, but they have to honor their agreement with UEFA, because they might buy another club in future and they wouldn’t wanna be on the bad side of UEFA. Hope this makes sense.

  2. Guys I think the sale has been in process since at least January. These things typically take a long time. Besides what do you have to complain about? Has the team not improved each year under Eliot? To be honest you all sound ungrateful and out of touch with what Milan have been over the last ten years.

    1. LOL. They are improving their investment to get as much money as possible out. To what exactly do people need to be grateful, for them taking the club almost for free after that Chinese and making a reasonable decision to invest a bit and get even bigger profit? I’m really gratefull to them for making so much cash for themselves, thank you Elliot investment fund! 😀

      Now let’s be serious, if they sell to someone that will look to take profit out of the club I won’t be satisfied and it won’t be in the fans and clubs best interests. Not that hard to understand.

      1. Honestly, redbird is offering less but all in cash. Elliott would receive less from redbird. So I’m not sure how loosing $100 million is helping their bottom line. It actually probably speaks to Elliott caring about who they sell to and Milan being out in good hands. The concern with Investcorp is they need to finance $400 million. While hoping to grow their own portfolio to $100 billion. My thoughts would be Elliott has concerns with Investcorp’s liquidity. They probably don’t actually want to sell the club to some one like the last owner who has themselves overextended with debt and not enough liquidity to actually continue growing this club. Now I’m sure with the backing investcorp has that in theory this problem may not matter. But it’s hard for Elliott to go off anything but what is on Investcorp’s balance sheet. The point being I’m not sure why we would be mad at Elliott. That does appear to actually be looking out for Milan.

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