In a flurry of events at AC Milan, the club has been confirmed to be acquired by a new non-Middle Eastern owner. Elliott Management has been in talks to sell the club for the past three months with Bahrain-based investment management firm Investcorp, which hopes to acquire the cl

2024/04/2901:38:32 hotcomm 1869

In a series of events at AC Milan, the club has been confirmed to be acquired by a new non-Middle Eastern owner.

Elliott Management has been in talks to sell the club for the past three months with Bahrain-based investment management firm Investcorp, which hopes to acquire the club for €1 billion. If the deal goes through, Milan will become the first Italian club to be owned by the Middle East.

Investcorp has promised a number of changes to the club, including signing a number of players who would give the Serie A winners a makeover in 2021/22. However, after discussions broke down, the company's executive chairman Mohammed Al Ardhi confirmed they had withdrawn from the deal last week.

Investcorp wants to provide Elliot with €800m in cash and €400m in debt to banks. Elliott wanted more cash, but the Bahrain-based company was unwilling to provide it, leading to the end of discussions last week.

This week, RedBird Capital Partners CEO Gerry Cardinale flew to Milan to sign the documents to take over the club, and on Tuesday he signed the first steps to acquire the club. DAZN and Sky Sport Italia report that the Redbirds have purchased the club for €1.3 billion, with an official announcement due from tomorrow.

Who is Milan’s new boss?

New York-based RedBird Capital Partners was founded by Cardinale in 2014. The private investment firm manages $6 billion in investments, according to its website, and is a shareholder in Fenway Sports Group (FSG) Holdings LLC, the owner of Premier League club Liverpool FC and Major League Baseball (MLB) franchise Owner of the Boston Red Sox franchise.

Redbirds also hold a controlling stake in French football team Toulouse, which recently won promotion to Ligue 1 ahead of the 2022/23 season. The

deal will officially close in the coming weeks, but with the signing of the documents, all business related to finding a new owner is complete. They are now focusing on the summer transfer window and the renewal of key figures at the club, including technical director and club legend Paolo Maldini.

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