Tuesday, July 23, 2024
29 C
Brunei Town

Bahrain investor in talks to buy AC Milan: Source

AP – A Bahrain-based private equity firm is in exclusive talks to buy seven-time European champion AC Milan and become the Italian league’s first Middle East investor, a person with knowledge of the process said.

The buyout by Investcorp could see the Serie A leader sold for around EUR1 billion (USD1.1 billion), The Associated Press was told. The person spoke on condition of anonymity because they were not authorised to discuss details of the talks which began this month.

The United States- (US) based hedge firm Elliott Management has owned Milan since 2018 after the former Chinese owner failed to repay part of a loan.

Milan declined comment while club director Paolo Maldini remained tight-lipped about the deal on Friday.

“I know little,” he said. “It’s normal that there could be a sale in the future of Milan. I don’t know when that will be.

AC Milan’s Italian technical director Paolo Maldini. PHOTO: AFP

“With a few rounds remaining, I think it’s in the interest of everyone to try to win this championship.”

Investcorp executive chairman Mohammed Alardhi has been involved in the talks with Milan, the person with knowledge of the process said. With offices across the Middle East, the US, Europe and Asia, Investcorp has assets valued at more than USD37 billion.

The potential takeover comes with Milan on top of Serie A with five games remaining. Milan looks to win a first title since 2011, and a 19th overall.

The two Milan clubs share the San Siro stadium and they are looking to build a new stadium jointly.

AC Milan is also looking for investment that would allow the team to return to the pinnacle of European football having not won the Champions League since 2007 during the ownership of former Italian Premier Silvio Berlusconi.

Milan reported debts of around EUR100 million in the last financial year, to June 2021, as the club reported pandemic-impacted losses halving to EUR96.4 million.