Elliott Management are in advanced talks with RedBird Capital over the sale of AC Milan, after the talks with Investcorp broke down. The American fund could keep a minority stake in the club, a report claims.
Tomorrow’s clash between Milan and Sassuolo, which will decide the Scudetto race, might not be the last of Elliott Management. In fact, as reported by Il Sole 24 Ore this morning (via MilanNews), they could keep a minority stake in the club.
RedBird, the American fund led by Gerry Cardinale, have put €1.3bn on the table and that figure could increase to €1.8bn based on several future targets. Advisors, including JP Morgan and Bofa Merrill Lynch, are working on the deal but the structure must be defined.
It’s not a small detail, it should be noted, as the negotiations with Investcorp broke down at this stage. There is one big difference between the two negotiations, though, as Elliott now are likely to keep a minority stake in the club. The deal could be completed very soon but it depends on the structure talks.