Media in Italy today report that Redbird is close to a deal for a €1.3 billion acquisition of Milan, beating former Investcorp favorites.

The Bahraini investment fund has been interested in buying the Italian team for several weeks and have been in advanced talks with the owners of Elliott Management.

They are ready to pay around 1.2 billion euros for the club, but the main obstacle has to do with their funding formula; €400 million loan, in addition to €800 million capital, something Elliott does not want to influence the club.

As reported by Il Sole 24 hours, Redbird has taken a step closer to buying Milan and they are close to reaching an agreement on the basis of 1.3 billion euros, which may slowly increase to 1.8 billion euros in the coming years.

Elliott is expected to remain as an investor at the club, still holding shares and things could end soon.

Redbird is a U.S.-based investment firm owned by Gerry Cardinale and they have a $ 750 million stake in Fenway Sports Group, the company that owns Liverpool FC.