Milan Head Scaroni Provides Update on Takeover Delays

A late offer by RedBird Capital has thrown a wrench in the Milan takeover after Investcorp and Elliott had been negotiating for a few weeks. The two funds are now neck-and-neck to buy the club. The process has been delayed by the interference.

The Rossoneri president Paolo Scaroni addressed the situation to Ansa: “I am not aware of any potential difficulties with Investcorp. There are two bids on the table now. Defining their perimeters and comparing them takes time. In any case, I am not the right person to weigh in on the Milan takeover. Technically speaking, I am the object of such proposal. It is not a topic that concerns the management directly. We are not handling it.”

The chairman also discussed the project for the new stadium: “It is a work in process. I am reasonably optimistic that we will have it either in Milan or in its close proximity. The public debate will begin soon. The next step will be over in a couple of months.”

According to TuttoSport, Elliott might go with RedBird because their €1.1B offer is cash only and with no loans from other sources. They also have more experience in sports. However, Investcorp may soon push up the bidding.

The American conglomerate swooped in to thwart the Milan takeover by the Bahraini fund after examining 80 European clubs, Corriere dello Sport informs. When asked to discuss their attempt, they replied: “We have no comments at this stage. If things change, we will provide some information.”