The Bahraini company, “Investcorp”, is close to agreeing to buy the Italian club AC Milan this week, when the period of exclusive negotiations with the club’s owner Elliott Fund ends.
According to Reuters, talks between Investcorp and Elliott are progressing based on a valuation of 1.18 billion euros ($1.26 billion), including club debt.
A source indicated to the agency that the deal may take place next Friday, corresponding to April 29, 2022.
Investcorp is an asset company with business areas including: private equity, real estate, absolute return investments, infrastructure, credit management and strategic capital. It manages over $42 billion in assets.
The Elliott Fund acquired Milan shares in the summer of 2018.
Milan is expected to reduce its annual loss to around 60 million euros in 2021-22 after losing 96.4 million in the previous financial year, when net financial debt was around 100 million euros.
Former Italian Prime Minister Silvio Berlusconi owned AC Milan for 30 years between 1986 and 2016.
The Italian sold the club to the Chinese Li Yonghong, and then a year later the Elliott Fund acquired the Lombardy club.
Milan leads the Italian league standings this season, two points ahead of its rival Inter, with 4 rounds remaining.