Elliott Management might abandon turnaround plan and sell the Italian club to Louis Vuitton owner

AC Milan, the Italian football giant, is back on the sales block. According to multiple reports, hedge fund Elliott Management may sell the club to French billionaire Bernard Arnault by the end of the year.

According to the Italian media outlet Repubblica, both sides have been negotiating a deal. The report contradicts an April report that Elliott was conducting a three-year turnaround effort for the company.

It further contradicts a report just two weeks ago that Arnault was not in the market to buy back the historic franchise.

Details of an AC Milan Deal

According to reports, Elliott isn’t seeking the €1.2 billion of earlier reports. Instead, the price tag will likely fall into the range of €960 million. Elliott took full control of the football franchise in July 2018. At the time, the organization faced heavy debts. Elliott had injected about 50 million euros into the club to help stabilize its debts.

The hedge fund secured ownership of the club after the previous owner Li Yonghong missed deadlines to repay loans to Elliott Management. Li had purchased the Italian club in April 2017.

Arnault, the new prospective owner, is the owner of the Louis Vuitton group.