Reports were ripe that AC Milan were preparing themselves for a staggering takeover bid worth £890million, according to reports in Italy. Given how the club had been struggling financially in recent past, this will be a welcome opportunity. However, the brand says, that is all false.
Rome-based newspaper Il Messaggero report that Bernard Arnault, the second richest man in the world, is putting together an enticing offer to purchase the club from Elliot Management.
With Arnault – who has made his money from fashion brand Louis Vuitton – worth an estimated £86billion, he has plenty by way of funds to make a serious offer to Milan.
It is believed that Elliot Management, the current owners, have no desire to cash-in on their asset having already rejected previous offers around the £500-700m mark.
But the French businessman is aggressive in his desire to expand his business empire and is believed to have bold plans to transform the fortunes of the club should he secure a deal to buy.
Elliot Management only took charge of the club in 2017.
But with plans to depart the famous San Siro stadium and build a new state-of-the-art arena, it is unlikely they would seek a new buyer.
Arnault is one of the world’s leading figures as he owns brand such as beauty chain Sephora and champagne company Dom Perignon.
However, a spokesperson from Louis Vuitton group has come out and denied all these claims about the brand owner making a stake on AC Milan. But all this will have to wait for sometime.
‘The LVMH Group firmly and officially denies reports by Il Messaggero that LVMH has presented to the Elliott Fund an offer to buy the football club of AC Milan.
Author: Moses Echodu
Moses is a freelance writer for Newslibre and Programs Manager at the Craft Silicon Foundation. He loves writing about sports, politics and news around the globe and Inspiring new young people!!