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AC Milan deal could be announced Tuesday; unclear if Ricketts still in running

The Ricketts family were in dialogue about purchasing AC Milan. | Nam Y. Huh/Associated Press

AC Milan could be under new ownership as early as Tuesday afternoon, according to multiple reports out of Italy.

The Sun-Times reported last week that the Ricketts family expressed interest in buying the controlling stake of the Italian football club.

But it’s Rocco Commisso, an Italian American who owns Cosmos, that is close to reaching a deal with Milan owner Li Yonghong, according to La Gazetta dello Sport.

It’s unclear where the negotiations are on the Ricketts’ front. As of Friday, the Ricketts family-led initiative was still in the early stages of working out a deal, a source close to the situation said.

Li, a Chinese business man, purchased Milan last April. His funds quickly ran out and he unsuccessfully tried to refinance Milan by using cryptocurrency Bitcoin, Calciomercato reported in March.

It’s likely that Li is working to seal the deal on Milan by the end of the month. The club needs €35 million in capital by June 30 in order to register for the 2018-19 Serie A season, according to Football Italia.

If the sale doesn’t go through, hedge fund Elliott Management will likely take control of Milan.

Milan, one of the three largest soccer teams in Italy, is the 17th most valuable soccer team in the world and has an estimated to be valued at $612 million, according to Forbes.