Reuters confirms that Investcorp could complete Milan‘s takeover by the end of the week for more than €1.1 billion.
Elliott is in exclusive talks with the Bahrain-based fund and Reuters confirms that the two parties could reach an agreement by Friday. The press agency confirms what Il Sole 24 Ore reported yesterday, quoting a source familiar with the matter. Il Corriere della Sera, Gazzetta and Calciomercato.com confirm that an agreement can be reached by the end of the week.
‘One of the sources who spoke on condition of anonymity said parties could sign off on the deal on Friday in what would be the first takeover of a top Italian soccer team by Middle East investors,’ the report claims.
Representatives of Elliott and Investcorp declined to comment.
Reuters believes that Milan’s takeover will be completed for a fee slightly higher than €1.1 billion as Investcorp could acquire a majority stake in the Serie A club for €1.18 billion.
The report highlights how Serie A clubs have attracted investments from overseas investors, given that the valuations of Italian clubs are cheaper compared with those of Premier League sides.
Last week, La Gazzetta dello Sport reported that Investcorp would be ready to invest circa €300m in summer signings. The pink paper also suggests that the Bahraini investment fund could postpone the deal’s announcement to the end of the season to avoid interfering with Stefano Pioli’s job.