European professional football is attracting more and more investment funds.
Investcorp, the Bahrain-based asset manager, has reportedly entered into exclusive negotiations to buy AC Milan from US activist fund Elliott Management Corporation, according to Reuters.
In 2018, he bought the seven-time European champion club, which was owned by Silvio Berlusconi, from a Chinese fund.
The operation is said to be close to completion, based on a price of 1 billion euros, debt included.
AC Milan, currently top of Serie A, announced a loss of 96.4 million for the financial year ending June 30, 2021, after a record loss of 194.6 million the previous year.
Investcorp and Elliott declined to comment on Friday.
“AC Milan remain focused on improving their performance on the pitch and developing the club
,” a club spokesperson said.
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Founded in 1982 to enable families in the Middle East to invest their wealth, Investcorp manages more than $42 billion in assets in sectors such as private equity, real estate, infrastructure or credit management.
In the 1980s, the investment fund had set its sights on two major luxury brands, the American jeweler Tiffany and the Italian leather goods maker Gucci, which it has long since sold.
If the deal with AC Milan is successful, it will be the first takeover of a top Italian team by Middle Eastern investors.
Other clubs on the peninsula are owned by foreign investors.
Inter Milan is owned by Chinese Suning Holdings Group, while American The Friedkin Group owns AS Roma.
Fiorentina and Atalanta Bergamo also belong to American groups.
Middle Eastern investors control other European clubs.
Paris Saint-Germain is owned by Qatar Sports Investments, while Manchester City is owned by the Abu Dhabi United Group.