Investcorp and US fund Elliott have ended talks over the purchase of Italian football champions AC Milan, a top executive at the Bahrain-based asset manager said on Thursday.
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Reuters reported last week that Investcorp had shelved its plans to buy the club, which is owned by Elliott, paving the way for US investment firm Redbird to pursue the deal.
“We had discussions with Elliott about a possible investment in AC Milan. As may be the case with premium deals, a commercial agreement was not reached, and we have mutually decided to end negotiations,” Mohamed Al Ardhi, executive chairman of Investcorp, said on Twitter on Thursday.
He did not specify the reason for the failure of the talks but said: “We wish AC Milan the best of luck for the next season and beyond”.
Investcorp was in exclusive talks last month to buy AC Milan from US fund Elliott, which acquired the club in 2018, after Chinese businessman Li Yonghong had to take some obligations associated with a financing package following the team’s purchase from Silvio Berlusconi a year earlier. had failed to complete. ,
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