Bahrain-based private equity firm is in exclusive talks to buy seven-time European champion AC Milan and become the Italian leagueâs 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.
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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. 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.
The potential takeover comes with Milan on top of Serie A with six 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 âThe Cathedralâ project.
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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. 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.