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We have probably reached the crucial phase of the negotiations between Elliott and Investcorp for the latter’s purchase of Milan for around 1.2 billion euros. As the days go by, more and more details about this matter emerge, in particular as regards the financial structure of the operation: on this issue, Il Sole 24 Ore on newsstands this morning reports that, according to some rumors, the Bahrain fund would be ready. to put around 800 million euros of own resources on the table to acquire the Rossoneri club, while the other 400 million would instead be the result of various forms of financing, including bank “financing” with a pool made up of Goldman Sachs and Jp Morgan . Behind Investcorp, which would be the manager of third-party capital, there are several investors, families from the Persian Gulf and family offices from the same geographical area that have been part of this fund for years. The well-known economic newspaper then explains that of those 800 million “equity”, about 70%, therefore almost 600 million, would be so-called “permanent capital” resources, that is, money to invest with a longer time horizon (we are talking about a ten years).
WAITING FOR SIGNING – Once the due diligence, i.e. the analysis of the AC Milan club’s accounts, has been completed, the next step is signing, which was already expected at the end of last week, but for which it will be necessary to wait a few more days. This is because “there would be some valuation problems, in terms of enterprise value, which in the end would have risen from 1.1 billion to about 1.2 billion euros. Under examination there would be some balance sheet items, linked to various debts. type, including commercial ones. The analysis would be fundamental for Investcorp to precisely define the amount of equity required “.
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