RedBird Capital Partners are threatening Investcorp's takeover plans for AC Milan.

Bahrain-based fund Investcorp are in advanced talks to buy Milan from Elliott Management, with contracts now being studied.

However, it's emerged RedBird Capital Partners have made contact with Elliott and tabled an offer of over €1bn for the Rossonero. TMW says the bid is superior to Investcorp's proposal.

The Bahrain fund remain in control of the deal, though, with an exclusivity running to the end of May. It's understood Investcorp is prepared to go as high as €1.18bn for the club.

RedBird Capital Partners hold ten per cent in FSG, the owners of Liverpool.