ZCZC
BSP-19
FBL-ITA-ACMILAN-ELLIOTT-TAKEOVER-LEAD
US hedge fund Elliott announces takeover of AC Milan
MILAN, July 11, 2018 (BSS/AFP) – US hedge fund Elliott announced it has
taken over Italian giants AC Milan after the club’s Chinese owners failed to
repay debt.
Elliott Management pledged to inject 50 million euros ($59 million) to
bring financial stability to the seven-time European champions after Chinese
owner Li Yonghong missed a Friday deadline to repay 32 million euros.
In a statement on Tuesday night, Elliott said it was ushering in a “new
chapter at AC Milan”.
“Having assumed control, Elliott’s vision for AC 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 AC Milan by focusing on the
fundamentals and ensuring that the club is well-capitalised; and to run a
sustainable operating model that respects UEFA Financial Fair Play
regulations.”
BSS/AFP/MR/ 1230 hrs