A Bahrain-based private equity firm is in exclusive talks to buy seven-time European champions AC Milan and become the Italian league’s first investor in the Middle East, a person familiar with the process said.
The Investcorp takeover could result in the Series A leader being sold for around €1 billion ($1.1 billion), the person told The Associated Press. The person spoke on condition of anonymity as he was not authorized to discuss details of the exclusive talks that began this month.
Milan has been owned by US hedge firm Elliott Management since 2018 after the former Chinese owner failed to repay part of a loan. Milan declined to comment. Investcorp, which was founded in Bahrain in 1982, was delisted from the Bahrain Stock Exchange last year after nearly four decades as it continues its global investment expansion.
The potential takeover comes with Milan at the top of Serie A with six games remaining. Milan are looking to win their first title since 2011 and their 19th overall after Juventus broke Inter Milan’s domestic dominance just last season.
The two Milan clubs share the San Siro stadium and want to build a new stadium together as part of the “The Cathedral” project.
AC Milan are also looking for investments that would allow the team to return to the top of European football after not winning the Champions League since 2007. The team, starring Swedish star Zlatan Ibrahimovic, were eliminated from the group stage in December after a seven-year absence from lucrative UEFA competition.
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