Investcorp, the fund that has been in talks to purchase AC Milan, remain confident of taking over the Italian giants despite the interest of RedBird Capital Partners, the 11 per cent stakeholders in Liverpool owners Fenway Sports Group.
Last week it was reported by Sky News that RedBird had entered the race to purchase the Serie A giants with a €1bn (£840m) offer lodged with current AC Milan owners Elliott Management. The ECHO had it confirmed over the weekend from sources close to the deal that RedBird were in talks, thought to be at an advanced stage, and that any deal would not impact the long-term plan that RedBird and FSG have following the $750m deal that was struck between the two in March of last year.
RedBird, founded and ran by managing partner Gerry Cardinale, came to the table with an offer after the period of exclusivity ended between Bahraini investment fund Investcorp and Elliott Management, the New York-based fund owned by billionaire Paul Singer that has owned AC Milan since July 2018, when the club's previous owner, Li Yonghong, defaulted on a loan debt that was owed to Elliott Management. That kicked open the door for RedBird to enter the race.
