Milan, July 11 (TNS): United States (US) hedge fund Elliott announced on Wednesday it had taken over the ownership of Italian giants AC Milan after the club’s Chinese owners failed to repay debt.
Elliott Management pledged to inject 50 million euros to “stabilise the finances” of the seven-time European champions after Chinese owner Li Yonghong missed a Friday deadline to repay 32 million euros ($37.5 million).
The last five years have been a real struggle for AC Milan, whether the Elliot regime brings the glory days back to AC Milan is yet to be seen.
However, a shift of power may be a welcome sign for the Italian Club in the coming years.
