Global asset management company Investcorp have pulled out of the running to buy Serie A giants AC Milan.

Current owners Elliott Management have been looking to sell the San Siro club in recent months and it was thought that Investcorp would reach an agreement to take the Rossoneri off their hands.

However, the Financial Times report that Investcorp have ended negotiations for unknown reasons.

Investment group RedBird – who hold a minority stake in Fenway Sports Group, the owners of Liverpool – are now the frontrunners to buy Milan from Elliott Management.

The two parties are currently in advanced negotiations but have been wary of announcing an agreement before the end of Milan’s 2021/22 campaign.

Stefano Pioli’s side will win their first Serie A title in 11 years as long as they match or better the result of rivals Inter on the final day of the season.

Milan travel to mid-table side Sassuolo on Sunday while Inter welcome 15th place Sampdoria to San Siro.

Their plight in the 2010s was in part due to financial issues, even receiving a ban from European competitions for failing to comply with Financial Fair Play regulations.

They returned to the Champions League this season after a seven-year absence, but were eliminated in the group stage by Liverpool, Atletico Madrid and Porto. Nevertheless, the ship has largely been steadied under Elliott Management’s ownership.