Bahrain Mirror: A Bahrain-based private equity firm is in exclusive talks to buy seven-time European champion AC Milan and become the Italian league's first Middle East investor, a person with knowledge of the process said.

The buyout by Investcorp could see the Serie A leader sold for around 1 billion euros ($1.1 billion), the person told The Associated Press. The person spoke on condition of anonymity because they were not authorized to discuss details of the exclusive talks which began this month.

Investcorp, which was founded in Bahrain in 1982, delisted from the Bahrain stock exchange last year after almost four decades as it continues its global expansion of investments.

Investcorp executive chairman Mohammed Alardhi has been involved in the talks with Milan, the person with knowledge of the process said.

With offices across the Middle East, the U.S., Europe and Asia, Investcorp has assets valued at more than $37 billion, including from corporate investment, real estate and hedge funds.

While Investcorp would mark the entry of Gulf investment to Serie A, the English Premier League has Abu Dhabi funding of Manchester City and Saudi ownership of Newcastle, and Qatari investment has transformed Paris Saint-Germain.

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