RedBird Capital Flocks to AC Milan Bid

RedBird Capital Partners is reportedly in talks with AC Milan following the expiration of Investcorp’s exclusive negotiation period at the end of April.

Investcorp, the Middle East’s biggest alternative asset manager with around $41 billion in assets under management, was in exclusive talks with current owner Elliott Management to purchase the team for $1.26 billion including debt, but the pair have yet to agree on a deal.

They are reportedly still in negotiations.

Should RedBird Capital come to an agreement with AC Milan, the investment group will further strengthen its sports portfolio.

• RedBird is an investor in Fenway Sports Group, which owns Liverpool FC, the Boston Red Sox, an 80% stake in the New England Sports Network, and a 50% stake in Roush Fenway Racing.
• In November, FSG agreed to acquire controlling interest in the Pittsburgh Penguins.
• RedBird also has a controlling stake in France’s Ligue 2 club Toulouse, which will soon be promoted to Ligue 1.
• In November, the group invested in Dream Sports, whose primary brand is Dream11.

Elliott Management became the owner of AC Milan in 2018 after Li Yonghong defaulted on debt obligations. 

Far From Settled

Investcorp is reportedly unphased by RedBird’s negotiations — the latter has around $6 billion in assets under management.

Investcorp is reportedly trying reach the team’s asking price with the help of other investors, which could include Goldman Sachs, JP Morgan, and Ares Capital.