Investcorp and U.S. fund Elliott have ended talks over the buyout of Italian champions AC Milan, a top executive of the Bahrain-domiciled asset manager said on Thursday.
Reuters reported last week that Investcorp had put on hold its plans to purchase the club, which is owned by Elliott, clearing the way for U.S. investment firm RedBird to pursue a deal.
“We had discussions with Elliott about a potential investment in AC Milan. As can be the case with premium deals, a commercial agreement wasn’t reached, and we have mutually decided to end talks,” Investcorp executive chairman Mohammed Al Ardhi wrote on Twitter on Thursday.
He did not give reasons for the failure of the talks but added: “We wish AC Milan the best for next season and beyond.”
Investcorp was last month in exclusive negotiations to buy AC Milan from U.S fund Elliott, who took over the club in 2018 when Chinese businessman Li Yonghong failed to meet some obligations linked to a financing package after the purchase of the team from Silvio Berlusconi the year before.
AC Milan clinched their first Italian Serie A title in 11 years after earning a 3-0 final-day victory at Sassuolo on Sunday, with a double from Olivier Giroud and one from Franck Kessie sealing the Scudetto in style.