EXCLUSIVE Soccer-Firebook by Bahrain Investcorp is in discussions to purchase AC Milan, according to a source

EXCLUSIVE Soccer-Firebook by Bahrain Investcorp is in discussions to purchase AC Milan, according to ...

MANCHESTER, April 15 (Reuters) - Investcorp has entered exclusive discussions to purchase AC Milan, an Italian club, according to a source close to the deal.

The proposal to purchase the Serie A club from current owners Elliott Management Corporation, according to a source, was nearing completion.

Investcorp, which has offices in Bahrain, is an asset manager with extensive business including private equity, real estate, absolute return investments, infrastructure, credit management, and strategic capital. It manages over $42 billion in assets.

In 2018, American firm Elliott Management Corporation took over the champions of Milan for seven seasons.

When contacted by Reuters, Investcorp and Elliott would not comment.

AC Milan's spokeswoman told Reuters: "AC Milan remains focused on improving its performance on the pitch and on developing the club."

Milan have won Serie A, Italy's top flight league title, 18 times, but not since 2011 -- the club is currently on the top of the table.

Investcorp, which has its executive chairman, Mohammed Alardhi, has offices in New York, London, Switzerland, Riyadh, Bahrain, Abu Dhabi, Doha, Mumbai, Beijing, and Singapore.

A number of top Italian clubs have been purchased by foreign investors in the last decade.

Inter Milan are owned by Suning Holdings Group, an American subsidiary, while Fiorentina and Atalanta are also owned by American businesses.

Qatari Sports Investments, which own Paris St Germain and Manchester City, have taken control of several of the country's most popular clubs.

In October, Saudi Arabia's Public Investment Fund took a majority share in Newcastle United.

Investcorp Holdings is based in Bahrain, although it was a Bahrain Shareholding Company, which was delisted last year.

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