Discussions between Bahrain-based Investcorp and American investment fund Elliott Management on the acquisition of seven-time European football champions AC Milan have ended without a deal, an official said on Thursday.
“We had discussions with Elliott about a potential investment in AC Milan. As can be the case with premium deals, a commercial agreement wasn’t reached, and we have mutually decided to end talks,” Investcorp executive chairman Mohammed Al Ardhi tweeted on Thursday.
“We wish AC Milan the best for next season and beyond.”
Elliott Management acquired the Italian club in 2018 when Chinese businessman Li Yonghong was unable to repay a loan he had taken out when he bought the club from Silvio Berlusconi’s Fininvest in 2017.
In April, Italian media reported interest from Bahrain-based investment fund Investcorp.
More recently, however, the Italian press reported discussions were taking place with American investment fund RedBird Capital Partners.
Paolo Maldini, Milan’s former player who is now the club’s sporting director, said in April that he expected the club would be sold.
Elliott Management made it clear they planned to sell.
Milan have just clinched their first Italian league title since 2011.
According to Italian sports daily Gazzetta dello Sport last week, Milan’s owners pushed for a higher purchase price as a result of the club winning Serie A.
The report said Investcorp would not budge from a price of around a billion euros they thought had been agreed and already see as an overvaluation.
The same report said RedBird had not only offered a higher fee, they will also allow Elliott to remain minority shareholders and keep Maldini and another official, Frederic Massara, in place.