Investcorp is seeking an Italian partner to boost their bid for AC Milan.

Il Sole 24 Ore reports Investcorp are offering a proposal which reaches €1.2bn, while rivals RedBird Capital have bid slightly higher.

As such, Investcorp are now actively seeking an extra partner in order to go higher.

The offer will be structured: the necessary equity of €400m would have been reached, while a further €400m would come from an American fund, Ares Capital (preferred equity).

In addition, Investcorp is also looking for an Italian investor to join the consortium.