AP

AP Source: Bahrain-based investor in talks to buy AC Milan

Apr 14, 2022, 8:58 PM | Updated: Apr 15, 2022, 2:42 pm

AC Milan's Zlatan Ibrahimovic reacts after an injury from a header during the Serie A soccer match ...

AC Milan's Zlatan Ibrahimovic reacts after an injury from a header during the Serie A soccer match between AC Milan and Bologna at the San Siro stadium, in Milan, Italy, Monday, April 4, 2022. (AP Photo/Antonio Calanni)

(AP Photo/Antonio Calanni)

A Bahrain-based private equity firm is in exclusive talks to buy seven-time European champion AC Milan and become the Italian league’s first Middle East investor, a person with knowledge of the process said.

The buyout by Investcorp could see the Serie A leader sold for around 1 billion euros ($1.1 billion), the person told The Associated Press. The person spoke on condition of anonymity because they were not authorized to discuss details of the exclusive talks which began this month.

The U.S.-based hedge firm Elliott Management has owned Milan since 2018 after the former Chinese owner failed to repay part of a loan. Milan declined comment while club director Paolo Maldini remained tight-lipped about the deal on Friday before the team’s 2-0 win over Genoa.

“I know little,” Maldini said. “It’s normal that there could be a sale in the future of Milan. I don’t know when that will be.

“With a few rounds remaining, I think it’s in the interest of everyone to try to win this championship.”

Investcorp, which was founded in Bahrain in 1982, delisted from the Bahrain stock exchange last year after almost four decades as it continues its global expansion of investments.

Investcorp executive chairman Mohammed Alardhi has been involved in the talks with Milan, the person with knowledge of the process said.

With offices across the Middle East, the U.S., Europe and Asia, Investcorp has assets valued at more than $37 billion, including from corporate investment, real estate and hedge funds.

The potential takeover comes with Milan on top of Serie A with five games remaining. Milan looks to win a first title since 2011, and a 19th overall, after a period of domestic dominance by Juventus broken by crosstown rival Inter Milan only last season.

The two Milan clubs share the San Siro stadium and they are looking to build a new stadium jointly as part of “The Cathedral” project.

AC Milan is also looking for investment that would allow the team to return to the pinnacle of European football having not won the Champions League since 2007 during the ownership of former Italian Premier Silvio Berlusconi. The team, which features Swedish star Zlatan Ibrahimovic, went out in the group stage in December after ending a seven-season absence from the lucrative UEFA competition.

Milan reported debts of around 100 million euros in the last financial year, to June 2021, as the club reported pandemic-impacted losses halving to 96.4 million euros.

While Investcorp would mark the entry of Gulf investment to Serie A, the English Premier League has Abu Dhabi funding of Manchester City and Saudi ownership of Newcastle, and Qatari investment has transformed Paris Saint-Germain.

___

More AP soccer: https://apnews.com/hub/soccer and https://twitter.com/AP_Sports

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

Associated Press

Ex-Packer Guion gets 1 year for domestic violence assault

GREEN BAY, Wis. (AP) — Former Green Bay Packers defensive tackle Letroy Guion was sentenced to one year in jail after pleading no contest in a domestic violence assault at his home last fall. Brown County Circuit Court Judge Thomas Walsh also ordered Guion on Tuesday to serve three years’ probation and complete a domestic […]

1 year ago

Joe Jarzynka...

Associated Press

Durant eager for Suns debut vs. Hornets after knee injury

CHARLOTTE, N.C. (AP) — Kevin Durant has been through quite a bit during his 15-year NBA career — but joining a new team midway through the season is a new one for the 13-time All-Star. The 34-year-old Durant doesn’t seem all that worried. Durant makes his highly anticipated Phoenix Suns debut on Wednesday night against […]

1 year ago

FILE - Miami Dolphins head coach Brian Flores stands on the sideline during the second half of an N...

Associated Press

Judge: NFL coach can press discrimination claims in court

NEW YORK (AP) — NFL Coach Brian Flores can pursue some of his discrimination claims against the league and its teams in court rather than through arbitration, a judge ruled Wednesday. The written decision by Judge Valerie Caproni in Manhattan was issued months after lawyers for the league tried to get the lawsuit moved to […]

1 year ago

Chicago Blackhawks goaltender Alex Stalock cools off in the first period during an NHL hockey game ...

Associated Press

Kane trade reinforces hard reality of Blackhawks rebuild

CHICAGO (AP) — After days of speculation, the harsh reality of the Chicago Blackhawks’ situation was reinforced by one move in a flurry of transactions ahead of the NHL trade deadline. Showtime is over, at least in Chicago, and a seemingly bright future is, well, way off in the distance. The reverberations of Chicago’s decision […]

1 year ago

FILE -  Yves Jean-Bart, president of the Haitian Football Federation, wearing a protective face mas...

Associated Press

Disgraced ex-Haitian soccer president announces he’s back

PORT-AU-PRINCE, Haiti (AP) — Haiti’s former soccer federation president whose lifetime ban from sport over sexual abuse allegations was overturned last month announced Wednesday that he is reclaiming his position. Yves Jean-Bart’s defiant announcement could lead to a standoff with FIFA, which already has appointed an emergency management committee to lead the Haitian Football Association […]

1 year ago

FILE - Green Bay Packers' Aaron Rodgers walks off the field after an NFL football game against the ...

Associated Press

Rodgers says decision on future will come ‘soon enough’

GREEN BAY, Wis. (AP) — Aaron Rodgers says he will make a decision on his future “soon enough” as the four-time MVP quarterback ponders whether to play next season and if his future remains with the Green Bay Packers. Rodgers, 39, discussed his future while speaking on an episode of the “Aubrey Marcus Podcast” that […]

1 year ago

AP Source: Bahrain-based investor in talks to buy AC Milan