The Executive Chairman of Investcorp has confirmed that they have now ended talks with Elliott Management over the purchase of AC Milan.
It has been reported for weeks now that Investcorp had emerged as the probable new owners of Milan having begun talks with Elliott over the acquisition of the club in a deal worth over €1bn, even having completed the due diligence process, but then speculation about doubts over the structure of the deal and the possible presence of debt slowed things down.
Via a statement on his Twitter account, Mohammed Alardhi – the Executive Chairman of Investcorp – confirmed that there were discussions over the acquisition of the Diavolo but also added that those have now ended as they failed to reach an agreement.
“We had discussions with Elliott about a potential investment in Milan. As can be the case with premium deals, a commercial agreement wasn’t reached, and we have mutually decided to end talks. We wish AC Milan the best for next season and beyond,” he said.
Il Sole 24 Ore (via MilanNews) among other sources are reporting that Elliott are very likely sell to their compatriots RedBird Capital who have overcome the competition of Investcorp in the last few days with an offer of €1.3bn, which could rise to €1.8bn.
