AC Milan are close to changing ownership but it will not be Investcorp who buy the club from Elliott Management, a report claims.
According to reports from Il Sole 24 Ore (via MilanNews), the American fund Elliott will sell to their compatriots RedBird Capital who have overcome the competition of Investcorp in the last few hours with an offer of €1.3bn and are now very close to signing the documents.
Based on a series of mechanisms, the fee they pay for Milan could rise to €1.8bn in subsequent years and while the financial structure has yet to be clarified, RedBird are putting €600m in equity on the table and a large loan – repayable over five years – could then be used.
The current ownership of Milan, Elliott, should still remain part of the club even if for the moment they have not released any statements. It is expected that things could accelerate decisively in the next few hours and days.