Investcorp is reportedly in exclusive talks with Elliott Management to purchase Italy’s AC Milan for $1.1 billion.
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.
After nearly 40 years, Investcorp delisted from the Bahrain stock exchange in 2021 to boost its expansion.
Since 2015, the fund’s assets under management have more than quadrupled.
If Investcorp does finalize the purchase of AC Milan, the team would join a growing list of European football 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 PSG.