Bahrain-based investment group InvestCorp are edging closer to a purchase of AC Milan, according to a report from MilanNews.it. The proposed deal was first reported by Reuters last week and has progressed rapidly in the days since.
Milannews report that ‘AC Milan is very close to a transfer of ownership from the Elliott fund to InvestCorp’, the Bahrain based fund that has been backed by Mubadala, a sovereign fund of the United Arab Emirates.
According to MilanNews, InvestCorp have agreed to the €1.1 billion valuation of AC Milan, a record for Italian football, even though there are no certainties over the new stadium project. They’ve opened negotiations with the Elliott group with an exclusive contract that will expire at the end of the month. Despite this, the report suggests that ‘due diligence, which is underway, is yielding great positive results’.
Alongside the InvestCorp proposal, another Arab fund also approached Inter over a possible takeover, with the Suning Group valuing the club at €1 billion. The fund, which is still anonymous, abandoned as Milan is viewed as a salable company given its corporate and auditing path, while Inter are still burdened by important debts, bonds to be restored and a sales campaign which in the coming summer will have to yield at least €100 million.
On the issue of the stadium, MilanNews stress that Milan have pushed more than Inter to complete a new stadium project, principally because they have the funds available while Inter are hesitant.
