After Luca Serafini’s reports on the sale of AC Milan to LVMH group, additional confirmation has arrived on Elliot’s intention to sell the club.
In the late hours of yesterday, well-known journalist Luca Serafini shocked the media reporting that Elliot had agreed to sell AC Milan club to French billionaire and Louis Vuitton group owner Bernard Arnault.
According to Serafini, the agreement will be officially announced after the approval of the new stadium project by the Milano town hall. The Italian journalist was the first to report on the passage of AC Milan from Silvio Berlusconi to the Chinese and also the first source to offer concrete details on AC Milan’s acquisition from Elliot.
Despite the continuous denials of the Arnault family, the Italian media has extensively covered the presumed negotiations between LVMH group and Elliot. Today, additional confirmation has arrived on this topic from Gerard Lopez owner of Lille (beneficiary of a 140 million financing by Elliot) declaring that the American fund would remain in the French club but not at Milan.
“Elliott funded AC Milan to be bought by another party at a later stage. They didn’t fund Lille to be bought. They funded this club to start a process of investing in players, creating value, selling some of the players, keeping others to grow the club. Lille has made a net profit of 200 million from transfers in the past two years. If we are not the best in the world, we are in the first 4-5 clubs“, said Lopez in an interview with Financial Times.
According to reports LVMH group group has made a €975 million offer to buy AC Milan from the American fund. Bernard Arnault who controls LVMH group is one of the richest people in the world with a net worth of around $110 billion.
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— AC Milan (@acmilan) September 13, 2019