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French billionaire expected to buy Milan by end of year. Here's what we know from the reports:
After recent reports rubbishing the interest of Bernard Arnault in purchasing AC Milan from Elliott Management, today we have Repubblica claiming that a sale could be completed by the end of the year. There are claims that fee has dropped from an initial 1.2 billion to about 960 million in the negotiations phase.
Elliott Management Corporation are reportedly in talks to sell #ACMilan to Bernard Arnault for €960m, with Max Allegri lined up as their new Coach https://t.co/tKkikz90fE #SerieA pic.twitter.com/lWCBFfGrsh
— footballitalia (@footballitalia) September 28, 2019
Elliott are looking to cash in on the club and returning Milan to relative financial stability following the default by former President Li Yonghong. Bernard Arnault is the owner of LVMH, a luxury goods conglomerate, that owns companies such as Louis Vuitton, Hennessy, Moet & Chandon, Givenchy, Hublot and TAG Heuer among others.
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Interestingly, the reports claim that the new owners would want to bring back former AC Milan coach Massimiliano Allegri who is on a sabbatical following his stint at Juventus where he picked up 5 consecutive Scudetti. Allegri was in charge of Milan the last time they won a Serie A title and have declined since his departure. The Italian manager is also being courted by PSG and Manchester United following his record breaking performances at Juventus.