US hedge fund Elliott announced Wednesday it had taken over Italian giants AC Milan after the club’s Chinese owners failed to repay debt.
Elliott Management pledged to inject €50 million to “stabilise the finances” of the seven-time European champions after Chinese owner Li Yonghong missed a Friday deadline to repay €32 million.
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.”