UAE businessman Saeed Al-Falasi is considering launching an AC Milan takeover bid, according to a report in Italian newspaper La Gazzetta dello Sport
The article claims that Al Falasi, the owner of International Triangle Group, is ready to step in if concerns about current owner Yonghong Li’s finances prove correct.
The International Triangle Group deals with a diverse portfolio that includes real estate, construction and general trading.
Emirati Al Falasi is a member of Dubai’s ruling Al Maktoum family and is not the only name linked with a potential takeover of the Serie A giants.
Gazzetta also reports that a US-fund and a Russian consortium led by Alisher Usmanov, the minority shareholder in Premier League side Arsenal, are in contention to launch a takeover bid.
Milan have been Chinese-owned since Li bought the club last April, but serious questions have been raised about the financial stability of the new owners, who took out a substantial loan to finance the deal.
It is alleged that if Milan cannot refinance the loan by next October, US-hedge fund Elliot Management – which gave Li’s consortium the loan for the $918 million purchase – will seize control of the club.
Since the Chinese owners’ Milan takeover – when they purchased the controlling stake of former Italian Prime Minister Silvio Berlusconi – they have spent more than $200 million on new players.
Despite the major outlay, the club looks unlikely to qualify for next season’s Champions League; Milan are currently sixth place in Serie A.