AP Source: Bahrain-based investor in talks to buy AC Milan

Apr 15, 2022, 8:58 AM | Updated: 2:46 pm

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 1 billion euros ($1.1 billion), the person told The Associated Press. The person spoke on condition of anonymity because they were not authorized to discuss details of the exclusive talks which began this month.

The U.S.-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 before the team’s 2-0 win over Genoa.

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

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

Investcorp, which was founded in Bahrain in 1982, delisted from the Bahrain stock exchange last year after almost four decades as it continues its global expansion of investments.

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 U.S., Europe and Asia, Investcorp has assets valued at more than $37 billion, including from corporate investment, real estate and hedge funds.

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, after a period of domestic dominance by Juventus broken by crosstown rival Inter Milan only last season.

The two Milan clubs share the San Siro stadium and they are looking to build a new stadium jointly as part of “The Cathedral” project.

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. The team, which features Swedish star Zlatan Ibrahimovic, went out in the group stage in December after ending a seven-season absence from the lucrative UEFA competition.

Milan reported debts of around 100 million euros in the last financial year, to June 2021, as the club reported pandemic-impacted losses halving to 96.4 million euros.

While Investcorp would mark the entry of Gulf investment to Serie A, the English Premier League has Abu Dhabi funding of Manchester City and Saudi ownership of Newcastle, and Qatari investment has transformed Paris Saint-Germain.

___

More AP soccer: https://apnews.com/hub/soccer and https://twitter.com/AP_Sports

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

This photo provided by Robert Wilkes, owner of a house boat management company, shows smoke rising ...

Associated Press

Houseboats catch fire while docked at Wahweap Marina on Lake Powell

More than half a dozen house boats momentarily caught fire at a popular boating destination on the Utah-Arizona line on Friday.

1 day ago

File - Women work in a restaurant kitchen in Chicago, Thursday, March 23, 2023. On Friday, the U.S....

Associated Press

US hiring, unemployment jump in May and what that says about the economy

The nation’s employers stepped up their hiring in May, adding a robust 339,000 jobs, well above expectations.

1 day ago

(Pixabay Photo)...

Associated Press

Oath Keeper from Arizona sentenced for role in Jan. 6 riot at US Capitol

Edward Vallejo, a U.S. Army veteran from Phoenix, oversaw a “Quick Reaction Force” at a Virginia hotel that was prepared to deploy an arsenal of weapons into Washington if needed, authorities say.

2 days ago

FILE - U.S. Border Patrol Chief Raul Ortiz listens during a news conference, Jan. 5, 2023, in Washi...

Associated Press

US Border Patrol chief is retiring after seeing through end of Title 42 immigration restrictions

The head of the U.S. Border Patrol announced Tuesday that he was retiring, after seeing through a major policy shift that seeks to clamp down on illegal crossings at the U.S.-Mexico border following the end of Title 42 pandemic restrictions.

3 days ago

FILE - President Joe Biden talks with House Speaker Kevin McCarthy of Calif., on the House steps as...

Associated Press

House OKs debt ceiling bill to avoid default, sends Biden-McCarthy deal to Senate

The House approved a debt ceiling and budget cuts package late Wednesday, as President Joe Biden and Speaker Kevin McCarthy assembled a bipartisan coalition of centrist Democrats and Republicans against fierce conservative blowback and progressive dissent.

3 days ago

Sean Bickings (Family Photo via city of Tempe)...

Associated Press

Family of man who drowned last year in Tempe Town Lake files wrongful death lawsuit

The family of a man who drowned in Tempe Town Lake a year ago filed a wrongful death lawsuit against the city Wednesday, noting that its police department doesn't have a policy requiring officers to go into the water to save someone.

3 days ago

Sponsored Articles

...

re:vitalize

Why drug-free weight loss still matters

Wanting to lose weight is a common goal for many people as they progress throughout life, but choosing between a holistic approach or to take medicine can be a tough decision.

...

OCD & Anxiety Treatment Center

How to identify the symptoms of 3 common anxiety disorders

Living with an anxiety disorder can be debilitating and cause significant stress for those who suffer from the condition.

...

Day & Night Air Conditioning, Heating and Plumbing

Company looking for oldest air conditioner and wants to reward homeowner with new one

Does your air conditioner make weird noises or a burning smell when it starts? If so, you may be due for an AC unit replacement.

AP Source: Bahrain-based investor in talks to buy AC Milan