Bahrain-domiciled asset manager Investcorp could agree the buyout of Italian soccer club AC Milan as early as this week, when an exclusive negotiation period with U.S. fund Elliott is set to end, sources familiar with the matter said.
Italian soccer clubs have recently become a popular target for overseas investors, attracted by cheaper valuations compared with those of England’s Premier league and other rivals in major European championships.
Talks between Investcorp and Elliott are progressing based on a valuation of about 1.18 billion euros ($1.26 billion), including debt, for the former European champions, the sources briefed on the matter told Reuters.
One of the sources who spoke on condition of anonymity said parties could sign off on the deal on Friday in what would be the first takeover of a top Italian soccer team by Middle East investors.
Spokespersons for Elliott and Investcorp declined to comment.
Nine of the 20 top-flight Italian clubs are now controlled by foreign investors, including China’s Suning Group at Inter Milan and American billionaire Rocco Commisso at Fiorentina.
via Reuters
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