Investcorp, an asset management company based in Bahrain, has suspended its plans to acquire Italian football club AC Milan, a Reuters source said.
The source said that in discussions with the owners of Milan, the American fund Elliott, Investcorp “could not agree with them to resolve a specific issue.”
However, he did not say what the obstacle was for the talks, which have been going on for more than a month.
The Italian newspaper Il Sole 24 Ore, reported today that the investment RedBird was close to an agreement for the seven-time European champion Milan, worth 1.3 billion Euros.
The amount could increase to 1.8 billion euros in the coming years, based on a number of targets, the report said.
RedBird is already an investor in Fenway Sports Group, the owner of Liverpool and the Boston Red Sox baseball team. It also has a stake in French Toulouse.
Investcorp is in exclusive talks with Elliott over a deal last month, but has failed to reach a deal, allowing RedBird to enter the takeover race.