Although it came as a shock earlier this afternoon, the interest of World Lab Technologies in AC Milan is far from new as the fund has been probing the takeover since August of last year. In fact, talks are underway.
Felice Raimondi, the Italian lawyer, published a press release confirming that World Lab Technologies are interested in buying AC Milan from Elliott Management. The lawyer, along with two others, has been entrusted the consultancy in Italy.
“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.
In August of last year, a statement was also published on World Lab Technologies’ website, confirming their interest in the club. This statement also added that the interest is for a majority stake in the club, and not just a minority one.
“Alexandr Jucov, a leading businessman originally from Moldova and Founder of World Lab Technologies, Inc. has expressed his interest in acquiring the majority shares of renowned AC Milan of Italy’s Series A league.
This acquisition would fulfill Mr. Jucov’s longstanding desire to be actively involved in the sports business, which has increasingly adopted new technologies and data-based metrics,” the statement read.
So, who is Alexandr Jucov? He’s a 51-year-old entrepreneur who was born in Moldova, mainly focusing on science and technology with his work in the fund. Other than his own statements, however, the information is scarce.
The negotiations between Elliott and WLT have certainly gone under the radar and it remains to be seen what the outcome will be. Initially, when they took over the club, the American hedge fund seemed inclined to sell.
However, they have seemingly adopted a more long-term strategy for the club, though this doesn’t rule out a sale in theory. WLT have sports listed as one of their investment fields on their website and it’s clear that the interest is concrete.