Simon Evans

MANCHESTER, (Reuters) – Asset manager Investcorp entered exclusive negotiations to buy AC Milan from Italy, according to Reuters sources on Friday.

According to a source, the purchase of the Serie A club by Elliott Management Corporation is close to completion.

Investcorp is a global asset manager based in Bahrain. It has international offices and is domiciled there. The company manages assets worth more than $42 billion.

American company Elliott Management Corporation seized seven-times European Champions Milan in 2018

Reuters reached Elliott at Investcorp but did not reach Elliott.

AC Milan’s spokesperson told Reuters, “AC Milan is still focused on improving its performance at the pitch and developing the club.”

Milan won Serie A in Italy 18 times. However, the club is currently at the top.

Investcorp’s executive chairman Mohammed Alardhi is based in New York.

Over the past decade, foreign investors have bought a lot of Italian top clubs.

Inter Milan is owned by Suning Holdings Group, a Chinese company. American company The Friedkin Group has AS Roma. Fiorentina & Atalanta also belong to American owners.

Middle Eastern investors now control several European top clubs, including Paris St Germain owned by Qatari Sports Investments and Manchester City managed by the Abu Dhabi United Group.

Saudi Arabia’s Public Investment Fund purchased a majority share in Premier League club Newcastle United, in October.

Investcorp Holdings was established in Bahrain, as a Bahrain Shareholding Company. It has been delisted from Bahrain’s bourses last year.