Investment group RedBird Capital Partners is in talks with the owners of AC Milan over a possible takeover of the club, becoming a rival to Bahrain-based fund Investcorp, a source familiar with the matter said on Thursday. RedBird is an investor in Fenway Sports Group, owner of Liverpool FC and the Boston Red Sox baseball team. RedBird is also the majority shareholder of Toulouse FC.
The source confirmed information from the British channel Sky News that RedBird had approached US investment group Elliott, current owners of the seven-time European champion club.
Bahrain-based asset manager Investcorp conducted exclusive negotiations with Elliott but failed to reach a deal and that exclusivity expired at the end of April. Talks between Investcorp and Elliott, based on a valuation of around 1.18 billion euros ($1.26 billion), including debt, for Milan are still ongoing, a second source said.
Italian football clubs have recently become a popular target for foreign investors, blessed with cheaper valuations than the English Premier League and other rivals in major European leagues.