The Middle East’s biggest alternative asset manager was said to be in exclusive talks to buy Italy’s AC Milan, the seven-time European soccer champion once owned by former Prime Minister Silvio Berlusconi.
Investcorp, which has among its shareholders Abu Dhabi sovereign fund Mubadala Investment Co., is in discussions with Elliott Management Corp. to buy the iconic club for an enterprise value of 1 billion euros ($1.1 billion), according to people familiar with the matter. Representatives for Investcorp, Elliott and AC Milan declined to comment.
Elliott Management took control of AC Milan in 2018 after previous owner Li Yonghong of China defaulted on debt obligations.
From major teams such as Chelsea in England to teams with a smaller international following, such as Standard Liege in Belgium and Genoa in Italy, Europe’s soccer clubs are in the crosshairs of investment firms seeking stable returns. Broadcasting money continues to pour into the sport and, with the World Cup showcase taking place this year, more deals are likely.
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