Bahrain-based asset manager Investcorp has entered exclusive talks to buy Italian football team AC Milan.
The seven-times winner of the European Champions League is valued in the region of US$1 billion, including debt, according to Reuters.
The negotiations were confirmed by the Bahrain embassy on London on its official Twitter account, which stated: #Bahrain based asset manager @Investcorp has entered in exclusive talks to buy Italian #SerieA club #ACMilan for $1.1 billion.
The club is currently owned by US hedge fund Elliot Management which acquired a 99.93% share in July 2018 after erstwhile owner Li Yonghong defaulted on a €415 million debt to Elliot.
AC Milan’s most successful period on the pitch coincided with the tenure of former Italian president Silvio Berlusconi, who was chairman and owner between 1986 and 2004.
Should the Investcorp acquisition be successful, it would mark the first purchase of a major Italian team by a Mena-based investor.
The region has become well represented among the major football leagues of Europe over the last decade.
The Abu Dhabi royal family owns English premier league champions Manchester City while the Qatar Investment Authority owns French club Paris St Germain.
More recently, Saudi sovereign wealth fund Public Investment Forum purchased English premier league club Newcastle United.
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