Asset manager, Investcorp, is looking to purchase AC Milan in a deal valued around EUR €1.1 billion (AUD $1.61 billion).

Founded in 1982, Investcorp has become a global leader in alternative investments, with a goal to provide value for its investors and help its acquisitions create durable foundations.

Investcorp currently manages over USD $42 billion (AUD $57.08 billion) with a variety of business lines including private equity, real estate, absolute return investments, infrastructure, credit management and strategic capital.

Investcorp’s diversified asset classes and product offerings have made it one of the largest alternative asset managers in the Middle East.

Now should this deal be successful, AC Milan will become the first Italian team owned by Middle Eastern investors.

AC Milan is currently owned by U.S based hedge fund Elliot Management Corporation, which took control of the club after its previous owner, Li Yonghong, failed to repay his debts to Elliot Management.

The hedge fund has invested over EUR €700 million (AUD $1.025 billion) into the club since its acquisition.

The proposed deal with Investcorp comes after AC Milan CEO, Paolo Scaroni, confirmed in October 2021 that Elliot Management would be selling the club.

“One day Elliott will resell Milan, it’s part of their work,” Scaroni said.

“They are preparing a new Milan, which will be evaluated at the right price by a new owner,” he added.

However, in October 2021, Scaroni said Elliot Management wouldn’t sell AC Milan until the club’s new stadium was built.

Scaroni said: “We need a new stadium, it is the only way to increase revenues.”

“The new stadium will cost around 650 million euros and will bring 3000 jobs in construction,” he estimated.

Despite the stadium’s promise of jobs and economic growth, its construction has remained on stand-by due to bureaucratic pushback.

The stadium’s pushback has made Investcorp withhold from finalising the deal, as they require confirmation of the stadium’s future before signing off.

The deal’s completion will be the Union of European Football Association’s (UEFA) most expensive club acquisition recorded, with its next largest acquisition being the sale of Manchester United to the Glazers in 2005.