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Wednesday, October 22, 2025

Investcorp Reportedly Eyeing AC Milan for $1.1B

AC-Milan
AC Milan

Editors note: This story was updated on April 19 to reflect Bahrain‘s confirmation of the discussions.

Investcorp is in exclusive talks with Elliott Management to purchase Italy’s AC Milan for $1.1 billion, Bahrain’s government has confirmed.

With around $40 billion in assets under management, the Middle East’s biggest alternative asset manager includes Abu Dhabi’s sovereign fund Mubadala Investment Co. as a shareholder — the fund purchased a 20% stake in 2017. 

  • Investcorp’s goal is to have $100 billion in assets under management.
  • After nearly 40 years, the fund delisted from the Bahrain stock exchange in 2021 to boost its expansion.
  • Since 2015, Investcorp’s assets under management have more than quadrupled.

Elliot Management took over ownership of AC Milan in 2018, when previous owner Li Yonghong defaulted on debt obligations. 

Wealth Fund Wins

If Investcorp does finalize the purchase of AC Milan, the team would join a growing list of European soccer clubs purchased by sovereign wealth funds and the first top Italian team to be taken over by Middle East investors. 

Newcastle United was purchased for $421 million by Saudi Arabia’s Public Investment Fund last year, Abu Dhabi royal Sheikh Mansour bin Zayed Al Nahyan has a 77% stake in Manchester City through City Football Group, and a subsidiary of the Qatar Investment Authority is the majority owner of Paris Saint-Germain.

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