Elliott Management are pushing Investcorp to up their offer for AC Milan.
The Bahrain-based fund are in competition from US's RedBird Capital for the takeover of Milan.
MilanNews says Investcorp has put €800m on the table in cash and another €400m as debt towards banks - but Elliott expects a higher cash offer.
Investcorp's overall proposal is in the region of €1.1 billion, while RedBird Capital has offered €1 billion.
Elliott are aiming to sell Milan after the end of the season.
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