A new twist has emerged in the AC Milan takeover battle. Previously, Bahrain-based Investcorp seemed to be very close to a deal with current Milan owners Elliott Management Corporation. Now, RedBird Capital Partners is in talks with Elliott to purchase the historic Italian club, according to ESPN and Reuters.
New Twist Emerges in AC Milan Takeover Bid
An Insight Into the Takeover
A couple of weeks ago it seemed close to certain that Investcorp would find their way into Milan. The Rossoneri are emerging back onto the scene. They’re contending for the Scudetto this season, made their return to the Champions League, and are loaded with young talent. For this reason, Milan is once again a very attractive club, for both investors and talented players.
RedBird certainly knows a thing or two when it comes to sports investment. For starters, they are an investor in Fenway Sports Group. This same group owns Liverpool FC as well as the Boston Red Sox American baseball franchise. In addition, RedBird owns a controlling stake in French club Toulouse. This sparks some interest, as current Milan owners Elliott have a stake in French club Lille.
Gerry Cardinale is the founder of RedBird. He worked previously at Goldman Sachs, where he worked with other sporting businesses. This includes Yankees Entertainment and Sports Network, the New York Yankees, and the Dallas Cowboys. The Yankees and Cowboys, of course, are the two highest-valued sports franchises in the world in 2021, according to Forbes. Cardinale knows what he’s doing when it comes to sports. In football, his knowledge is also evident with the success Liverpool is having.
Elliott and Investcorp are still in massive takeover talks regarding a 1.18 billion Euros deal for Milan, however. At the moment, Elliott, Investcorp, and RedBird have declined to comment on the current situation.