US hedge fund takes over Milan

Sports | 12 Jul 2018

US hedge fund Elliott has taken over Italian giants AC Milan after the club's Chinese owners failed to repay debt, saying the deal opened "a new chapter" for the football institution.

Elliott Management Corp vowed to inject 50 million euros (HK$ 459.62 million) to bring financial stability to the seven-time European champions after Chinese owner Li Yonghong missed a deadline to repay 32 million euros.

"Having assumed control, Elliott's vision for Milan is straightforward," the hedge fund said.

Elliott said it aimed "to create financial stability and establish sound management; to achieve long-term success for Milan by focusing on the fundamentals and ensuring that the club is well-capitalized."

AGENCE FRANCE-PRESSE

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