Reports today suggest Redbird are close to agreeing a €1.3 billion takeover of Milan, beating out previous favourites Investcorp.
The Bahraini investment fund have been keen to purchase the Rossoneri for a number of weeks now and have been in close talks with owners Elliott Management. They’re ready to pay around €1.2 billion for the club, but the main roadblock concerns the formula of their funding; €400m of loans in addition to €800m of equity, something Elliott doesn’t want to affect the club.
As reported by Il Sole 24 Ore, Redbird have taken a step closer to buying Milan and they’re close to reaching an agreement on the basis of €1.3 billion, which could slowly increase to €1.8 billion over the coming years.
Elliott are expected to remain as an investor in the club, still holding a stake, and things could be completed soon. Redbird are a US based investment firm owned by Gerry Cardinale, and they have a $750 million stake in Fenway Sports Group, the parent company that owns Liverpool FC.