Sole 24 Ore: Structure of Investcorp acquisition emerges – €600m permanent capital

By Oliver Fisher -

AC Milan are set to change ownership in the coming weeks as Elliott Management and Investcorp have reached the crucial phase in the negotiations.

Il Sole 24 Ore (via MilanNews) reports that Investcorp should complete the purchase of Milan for around €1.2bn and more details are emerging regarding the financial structure of the operation.

The Bahrain fund are ready to put around €800m of their own resources on the table to acquire the Rossoneri, while the other €400m would instead be the result of various forms of financing, including bank financing with a pool made up of Goldman Sachs and Jp Morgan.

It must be remembered that Investcorp are a manager of third-party capital, and there are several investors behind them from Persian Gulf families and family offices from the same geographical area that have been part of this fund for years.

The well-known newspaper then explains that of the €800m equity, about 70% – therefore almost €600m – is so-called ‘permanent capital’ resources, which is money to invest with a longer time horizon of at least 10 years.

Once the due diligence is done the next step is signing the contracts, which was expected at the end of last week but for which it will be necessary to wait a few more days. That is because the enterprise value has risen from €1.1bn to €1.2bn while there was further examination on some balance sheet items, linked to things like commercial debts, but nothing to worry about.

Tags AC Milan


  1. So in simpler term the rest 400m something will be from other financial institutions which will show as debt on ac milan accounts…..

    1. Yes, but the debts will be payed as soon as the financial structure of Investcorp in settled in milan. It’s common for debt to be taken when buying a club, but the dept is payed soon after. Just financial stuff

  2. How this can be possible? All the money (1.2B) is going to Elliot. This is SELLING price. Only if you are telling us: from 1.2B, half is going to Elliot, and half stay in Milan account, which is not true.

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