The Financial Times (FT) have confirmed reports that RedBird Capital Partners headed by former Goldman Sachs executive Gerry Cardinale have put forward an offer to Elliot Management for AC Milan rivalling the existing bid from Bahraini fund Investcorp. The American equity investment firm manages $6 billion worth of investments.
Sky News are reporting that the offer is in the region of 1 billion euros plus. RedBird own a minority stake in the owners of Liverpool FC, the Boston Red Sox (baseball) and New England Sports Network. They are also a majority owners of Ligue 1 French club Toulouse.
The exclusivity period between Elliot and Investcorp ended last week on Friday and talks seem to be progressing well.
Antonio Vitiello is reporting that multiple offers have come through for Milan in recent weeks after the public approach from Investcorp. Milan are easily one of the most bankable brands in European football who have plenty of space for growth from a commercial perspective.
Investcorp remain in pole position to close their deal but this sends a clear message that the sale is not done.