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The Middle East’s biggest alternative asset manager has suspended its plan to buy Italy’s AC Milan, the seven-time European soccer champion once owned by former Prime Minister Silvio Berlusconi, people with knowledge of the matter said. 

Investcorp, which has among its shareholders Abu Dhabi sovereign fund Mubadala Investment Co., was in talks to buy the iconic “rossoneri” team from Elliott Management Corp. for an enterprise value of more than 1 billion euros ($1.1 billion), Bloomberg News reported in April. 

Representatives for Investcorp declined to comment. Representatives for Elliott and AC Milan weren’t immediately available for a comment

RedBird Capital Partners has approached Elliott Management about a potential takeover for AC Milan, Sky News reported earlier this month, citing an unidentified person familiar with the matter. 

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